Insider Business Cypriots bet around €1 billion in four years

Cypriots bet around €1 billion in four years

Cypriots bet around €1 billion and won €874.6 million in four years, according to the Cyprus National Betting Authority’s results for 2015-2018. The results also show that year after year, betting activity in Cyprus is on the rise. And that Cypriots prefer on-line gambling rather than physically going to a betting shop to try their luck.

New on-line betting legislation came into force in October 2016 and first bets were accepted in January 2017. The bet is divided into two categories: class A which is the Land-based gambling and class B which is the On-line gambling.

CNBA data shows an increase of 18% to the gross income of recipients in both types of bets over the last four months of 2018. And that bets rose by €177.7 million compared to €150.6 million the corresponding period of 2017. From the end of 2016 till the end of 2018, the amount of bets by Cypriots rose by 227%, according to the gross income of recipients. Last year, €92.6 million were gambled on-line and €85.1 million at licensed betting shops. Revenue of on-line gambling last year increased by 23% compared to 2017.

In addition, revenue in 2018 from licensed land-based bets increased by 13% compared to 2017. And compared to 2016, revenue has doubled since it has marked an increase of 57%. Earnings by players amounted to €154.2 million in the fourth quarter of 2018, up by 19% compared with the same quarter in the previous year. In comparison with players’ profits in the fourth quarter of 2016 there is a remarkable increase of 249%. Most wins were by on-line players who got a total of € 85.6 million while conventional players won a total of €68.6 million. The earnings of both types of betting increased by 9% in 2018 compared to 2017, reaching a total of €23.5 million.

The State has also profited from the rising betting activity over the recent years since it received a total of €31.3 million in funds. Specifically, the State received a total of €22.8 million from betting tax, which is 10% of the earnings of licensed betting from Class A and B recipients. It also secured €6.7 million from contributions to the National Betting Authority by those providing betting services.

 

Read more:

https://in-cyprus.com/lets-keep-it-a-game-first-responsible-gaming-awareness-week/

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