National Betting Authority: The sector was on a steady upward trajectory in 2023

Revenues from betting activity within the Republic recorded an upward trend for another quarter, confirming the dynamic and steady growth of the sector.

According to the financial results announced by the National Betting Authority for the fourth quarter of 2023, the gross betting revenue (income before tax) of Class A (land-based betting) and Class B (online betting) recipients reached €325,601,464, recording an increase of 10% compared to the corresponding quarter of 2022 (€296,607,170).

Total gross betting revenue for the year 2023 exceeded one billion. reaching €1,109,209,082 registering a 16% increase compared to 2022 (€959,557,906).

Of the total income of the recipients, €90,487,835 pertains to Class A recipients, while €235,113,629 pertains to Class B recipients.

Class A recipient gross revenues increased 8% compared to the fourth quarter of 2022 while total for the year 2023 recorded an increase of 12% compared to the total for the year 2022. Class B recipient gross revenues during the fourth quarter of 2023, they recorded an increase of 11%, compared to the corresponding quarter of 2022, while total revenue for Class B increased by 17% compared to the whole year of 2022.

The earnings of Class A and B players also moved steadily upward for another quarter, reaching €291,754,064, recording an increase of 10% compared to the corresponding period of 2022, while the total earnings of Class A players and B for the year 2023 showed an increase of 17% compared to the total for the year 2022. It is worth noting that, the largest share of the profits, namely an amount of €216,072,279, for another quarter, belonged to Class B players.

Regarding Class A and B betting receipts, they amounted to €33,847,400, recording an increase of 9%, compared to the corresponding quarter of the previous year (€30,934,442). In particular, during the fourth quarter of 2023, Class A betting receipts amounted to €14,806,050, marking an increase of 8% compared to the corresponding quarter of 2022, while Class B betting receipts amounted to €19,041,349, showing an increase of 11% compared to the corresponding quarter of 2022.

For the year 2023 there was a slight increase of 6% in Class A and B betting earnings compared to the year 2022.

The total number of Class A properties during the fourth quarter of 2023 increased slightly by 2% compared to the corresponding quarter of 2022. In particular, the licensed properties amount to 490 Cypriots. Most are located in Nicosia with 170 properties, followed by Limassol with 139, Larnaca with 90, Paphos with 54 and Famagusta with 37 properties.

In terms of license cancellations or application withdrawals, there was an 11% increase compared to the corresponding quarter in 2022.

The number of people employed in the licensed premises amounts to 1476, recording an increase of 4%, compared to the corresponding period of the previous year.

The number of illegal websites blocked increased by 3% compared to the third quarter of 2023, as a total of 496 illegal websites were added to the list. It is worth noting that the list of illegal betting service websites now numbers 19,073 websites.

Those interested can find more detailed financial results and statistics, in Greek, on the Authority's website: https://nba.gov.cy/i-archi/oikonomika-apotelesmata-posotika-stoicheia/

(Source: InBusinessNews)