Insider Economy Betting games and satellite casinos raise state revenue

Betting games and satellite casinos raise state revenue

Taxes and fees levied on various betting games and satellite casinos in Cyprus amounted to €116.6 million of state revenue over the recent past years. Most proceeds came from OPAP games, the state lottery and satellite casinos.

Specifically, the Republic’s revenue from rights under a transnational agreement with the Greek government on OPAP games was €38.9 million between 2017 and September 2019, according to released data by the Ministry of Finance.

Overall OPAP games revenue in 2017 stood at €13.8 million, that number rose to €14.5 million in 2018, and in the first nine months of 2019 it stood at €10.5 million, the data also shows.

As for the state lottery, a total of €29.2 million was received from the sale of tickets (excluding cash prizes and operating expenses). The government plans to assign the management of the state lottery to a private investor with a relevant draft bill providing 15 years lease of service.

The draft bill has been in parliamentary drawers for the last two years now.

In addition, revenue from betting on the ground as well as online was €21.7 from 2017 to September 2019. State revenue comes from the imposition of a 10% tax on net proceeds. Revenue from betting on the ground was €14.8 million, while that of online betting was €6.9 million.

As regards satellite casinos, state revenue from imposed taxes and fees totalled €21.1 million between 2018 and October 2019.

The first satellite casino operated in Limassol in June 2018, while two additional ones opened their door in Nicosia and Larnaca in December of the same year. In July 2019, the operation of a satellite casino in Ayia Napa took place.

 

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