George Pantelis: Betting sector contributes 3.72% to Cyprus' GDP

The betting industry now accounts for 3.72% of Cyprus' GDP, according to Permanent Secretary of the Ministry of Finance George Pantelis.

Speaking at the 7th Safe Betting Conference, Pantelis officially launched the Safe Betting Week, a national initiative established seven years ago by the Cyprus National Betting Authority (EAS).

According to a statement released by the EAS, Pantelis, addressing the conference on behalf of Finance Minister Makis Keravnos, noted that the betting sector has evolved into a key pillar of the Cypriot economy, reaching 3.72% of the country’s GDP. He also praised EAS for its significant role in developing the industry over the past decade, within a regulated framework that prioritises safety and the protection of the public, especially vulnerable groups. Pantelis further emphasised the importance of fostering a culture of safe betting.

Pantelis noted that the government was carefully evaluating concerns about universal bans in the betting and gambling sector. He reiterated the government's readiness to listen to the views of all stakeholders and discuss future steps with the aim of combating illegal activities and protecting players, vulnerable groups, and the wider public.

Head of the EAS’s Safe Betting & Operational Development Department Christina Christoforou, said that the Authority continued its work to effectively regulate and oversee betting activities. The EAS, as she said, "aims to protect public interests, support economic growth, ensure market sustainability, and combat illegal gambling". Christoforou also noted the Authority’s contribution to public health and safety.

Over the past seven years, the EAS has worked to eliminate the stigma surrounding betting and address problematic behavior, Christoforou said. However, she added that the illegal gambling market remains a significant threat, posing numerous risks. In response, the EAS has committed to fighting illegal activity in the sector by all means necessary.

In line with this goal, she said, the NBA has submitted a revised bill to the Finance Minister. The bill aims to strengthen player protection, with a focus on minors and other vulnerable groups, while promoting the sustainable growth of the industry and positioning Cyprus as a hub for development and innovation in the gambling sector.