Cyprus: Gross revenue from retail, online bookmakers reaches $291.6M in Q1

Cyprus' total gross revenue from class A (retail sportsbook) and class B (online betting) bookmakers totaled €267.6 million ($291.6 million) during the first quarter of 2023, up 21% when compared to the same period last year. According to the National Betting Authority (NBA), income from class B amounted to €190.9 million ($53.8 billion), or 71.3% of the total, while income from class A amounted to €76.7 million ($21.6 billion).

Gross income from class A bookmakers rose by 15% year-over-year and 144% compared with the first quarter of 2021, whereas gross income from class B bookmakers rose by 24% year-over-year and 33% compared with the first quarter of 2021.

According to the NBA, the total payout for Class A and B players in the first quarter of 2023 has reached a total of €234.3 million ($66.1 billion), up 22% when compared to the same quarter last year. The largest share of the total profit distribution, amounting to €172.5 million ($48.6 billion), was paid to Class B players.

The nationwide count of Class A licensed premises experienced a decrease of one premise in comparison to the corresponding quarter of the previous year, resulting in a total of 489 premises across the country.

The first quarter of 2023 also witnessed a notable decline of 63% in the count of license cancellations and withdrawals when compared to the same quarter in 2022. Additionally, the number of employees working within licensed premises amounted to 1,364 during the first quarter of 2023, indicating a slight decrease of 1% when compared to the same period last year, as reported by the NBA.