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The National Betting Authority released its financial results for the third quarter 2023. They show a steady increase in betting revenue, underlining the sector’s robust and consistent growth.
According to the financial results disclosed, gross betting revenues for Class A (land based betting) and class B (online gambling) recipients totaled EUR259 440 696. This represents a notable 9% increase compared to the third-quarter of 2022 (EUR238,175,857), and an even greater 35% rise compared to the third-quarter of 2021.
The total gross revenue was EUR188,499 347, with Class A recipients contributing EUR70,941,349 and Class B recipients EUR70,941,349 respectively. Class A recipients saw a 9% increase in gross revenues compared to 2022’s same-period figures and a 21% jump compared to 2021’s third quarter. Class B recipients saw a 9% increase in revenue compared with the same quarter in 2022, and a 41% rise when compared with the third quarter of 2020.
Both Class A and Class B players saw their profits continue to rise, reaching EUR232.011,110. This is an increase of 11% compared to 2022’s same-period and a 38% rise from 2021’s third quarter. The Class B players accounted for the majority of profits in this quarter, namely EUR172,726,941.
The total amount of Class A and Class B wagering earnings was EUR27,429 585. This represents an 8% drop compared to the same quarter last year (EUR29 705,139). The Class A betting revenues totalled EUR11,657.180, a 14% drop compared with the third quarter 2022. Class B betting revenue totaled EUR15.772.406, a 2% decline compared with the same period.
In the third quarter 2023, the number of Class A properties decreased by 2% compared to last year’s corresponding period. The 490 Cypriots who resided in the licensed properties were mainly concentrated in Nicosia, Limassol, Larnaca, Paphos and Famagusta.
Despite positive financial indicators, the number of license cancellations and application withdrawals increased by 44% compared to 2022’s quarter. The number of people employed in licensed premises increased by 3% compared to 2022.
In addressing the issue of illegal gambling, the report highlighted an increase of 2% in blocked websites as compared to second quarter 2023. A total of 339 websites were added to the list. The list of banned betting services websites currently stands at 18,577.
