Panagiotis Trisokkas: Cyprus can become a pole of attraction for new investments in the betting sector

The sustainable development of the betting sector, combined with the need for a stronger regulatory framework that will protect the industry on multiple levels, as well as the protection of players and society at large, are the main challenges that the National Betting Authority (NBA) is being called upon to face.

In an interview with InBusinessNews, the President of the National Betting Authority, Panagiotis Trisokkas, analyses the Authority's priorities, the changes that will occur in the legislative framework for betting, the initiatives for the sustainable development of the sector, as well as the vision for the emergence of Cyprus as a fair, transparent and safe centre of development and innovation in the betting sector.

In this context, Trisokkas emphasises, among other things, the need to invest in the attractiveness of our country's legislative and regulatory framework to attract foreign investments, something which - as he points out - can create horizontal benefits in the economy.

A few months ago you took over the presidency of the National Betting Authority (NBA), the supervisory authority for a sector with a huge contribution to the Cypriot economy and state revenues. What priorities have you set as the new president and as the new Board of Directors of the Authority and how will you move towards even greater growth and sustainable development of the betting market in Cyprus?

Upon assuming the Presidency four months ago and together with the new Board of Directors of the National Betting Authority, we committed to continue and strengthen the already successful path that the National Betting Authority has charted to date, as well as to continue implementing the vision of establishing Cyprus as a fair, transparent and safe centre of development and innovation in the betting sector.

With the effective regulation and supervision of the Authority, the betting market in Cyprus has been continuously developing in recent years without being affected by external factors and crises.

It is noteworthy that revenues recorded an increase of 79% compared to 2020, while the percentage of Cyprus's GDP derived from revenues from betting activity amounted to 3.72% in 2023.

As new leadership, we are focused on the sustainable development of the industry. More specifically, we will continue to implement the strategic objectives of NBA as listed below:

• to further upgrade the regulatory framework and strengthen our supervisory role,
• to ensure the protection of players and society,
• to the sustainable development and modernization of the sector,
• to optimise the internal organisational functioning of the Authority.

We will work methodically and purposefully for the sustainable development of the betting sector, while strengthening social responsibility and transparency in the market.

We understand that the above is part of the Authority's strategic plan 2025-2027, as well as its action plan 2025. Can you give us an outline of the key objectives set out in the above?

The Authority's Strategic Planning for the period 2025 - 2027 essentially condenses the priorities and actions of the NBA towards the implementation of its strategic goals and objectives based on the four axes I previously mentioned.

Towards upgrading the regulatory framework, among other things, we aim to simplify and modernise the licensing process, develop the framework for submitting information, managing and analysing data and assessing risk, implement preventive supervision, as well as upgrade the management of money laundering and terrorist financing risks.

With the aim of ensuring the protection of players and society as a whole, we continue to work to create the necessary conditions to protect society from potential negative consequences, investing in information and raising awareness on safe betting issues, to strengthen protection measures and support tools.

In addition, we will continue to provide support to individuals directly or indirectly affected by betting, with the aim of safeguarding public health, as we will implement further preventive programmes and strengthen cooperation with the relevant bodies.

With regard to the development and modernisation of the sector, our priority is to upgrade the legislative and regulatory framework, strengthen research and innovation, as well as strengthen collaborations at the national and international level.

Furthermore, to optimise the internal organisational functioning of the Authority, we are focusing, among other things, on the implementation of effective governance methods, on the appropriate training and development of human resources, as well as on the optimisation of internal processes and operations.

The online market is gaining ground in Cyprus, and also internationally

What is the picture of the sector today in our country regarding the presence of betting companies here? How many entities are supervised by the NBA, providing either land-based or online betting or both?

Currently, the betting service providers supervised by the NBA amount to 20. Specifically, six companies operate in Class A (land-based betting) and 14 companies operate in Class B (online betting).

According to the available data published by the NBA, in the third quarter of 2024, 1,518 people worked in the land-based betting sector and 475 licensed premises were operating.

With the aim of sustainable development and improvement of the skills of human resources directly or indirectly involved in the gambling sector in Cyprus, NBA launched the Professional Skills Academy last summer.

This is an innovative initiative, since by strengthening specialisation in the sector and contributing to the improvement of human resources skills, compliance with the regulatory and statutory framework is ensured, as well as the increase in specialised personnel, so that Cyprus can become a pole of attraction for new investments in the betting sector, as well as similar services, with the transfer of headquarters of international companies.

We are optimistic that the Academy will have short-term, but also long-term benefits in the sustainable development of the sector, the economy and society at large.

We recently noticed that more and more betting companies are making their appearance, especially in the field of online betting. To what do you attribute this fact? Do you think this is a trend that will continue?

The online market is gaining ground in Cyprus and internationally. Our country offers a safe and transparent operating environment for such companies, providing a number of comparative advantages, such as the tax framework that remains attractive and low compared to other countries.

How things will develop in the future will depend on a number of factors such as potential new legislative regulations, the degree of competition in the market, as well as international developments in the gambling industry.

It is important to invest in the attractiveness of our legislative and regulatory framework to attract foreign investments, which can create horizontal benefits to the economy.

The regulatory and statutory framework

Regarding the supervisory and regulatory framework governing the betting sector, to what extent, in your opinion, is it adequate and to what extent does it provide the NBA with the necessary legal tools for the effective exercise of its role and mission?

Since the establishment of the Authority in 2012 until today, substantial steps have been taken to strengthen the regulatory and regulatory framework of betting activity, which aim at the sustainable development of the sector, the reduction of illegality and the protection of players.

In 2020, the bill to upgrade the legislative framework was put to public consultation and 14 Directives were revised, while in 2021 the first Directive on the Prevention and Combating of Money Laundering was issued and the Advertising Code and its Practical Guide were revised.

At the same time, the Authority recently submitted a revised bill to the Ministry of Finance, focusing on ensuring the provision of licensed services in a fair and transparent manner.

The aim of the bill is to ensure that betting does not constitute a source of crime or a black market, to eliminate the sector's connection with criminal elements and any type of illegality, as well as to ensure adequate protection for players and especially vulnerable groups.

What the revised bill provides for

As you mentioned, the amendment of the Betting Law and the Certain Games of Chance Law is being promoted. What are the proposed changes aimed at?

Among other things, the bill provides for the introduction of new products, the licensing of B2B providers, the implementation of financial blocking, as well as the tightening of licensees' commitments on safe betting issues. Particular emphasis is placed on strengthening the protection of minors.

We are convinced that the implementation of a revised legal framework will result in multiplier benefits for society and the economy, substantially contributing to the elimination of illegality in the betting sector, strengthening the Authority's tools for the full regulation of the market, excluding services that operate under a monopoly regime.

At the same time, the proposed bill includes important provisions to enhance the safety and protection of players and especially vulnerable groups.

The clubs' income from betting

You are a person who comes from the field of sports and you have your own understanding of the financial problems and difficulties that clubs face. Given this, how do you evaluate the recent decision of the Parliament to increase funding for football clubs from betting revenues?

Undoubtedly, football clubs and their academies contribute to the economy and society and certainly need support. It is legitimate and understandable that a portion of betting revenue is returned to the clubs. On the other hand, this support cannot come exclusively from betting revenue.

It is worth noting that from 2013 until the end of the first half of 2024, football clubs received the largest percentage of betting revenue, specifically an amount of €12.67 million, while an amount of €4 million was allocated to other sports.

The decision to pass the bill by the House of Representatives is very recent and therefore, it is too early to assess the impact. Therefore, we are not in a position to draw conclusions as to whether these changes will positively or negatively affect the betting and gaming sector.

What I can assure you is that, from our side as the National Betting Authority, we are monitoring the data in order to be able to evaluate the long-term direction of the betting market indicators or, if deemed appropriate, to proceed with further actions that will serve the smooth operation and sustainable development of the market.

Cypriots’ relationship with betting

Safe and responsible betting activity are perhaps the primary focus of the NBA, as part of its overall mission and broader role. How aware are Cypriots of the dangers inherent in reckless betting?

The ‘Safer Gambling Strategy,’ which follows a public health-based approach, guides the Authority's steps aimed at protecting the public and cultivating a culture of safe betting.

The NBA regularly conducts surveys to understand the behaviour of players, their relationship with betting, as well as to examine the particular challenges faced by vulnerable population groups, such as women and minors.

The findings of these surveys confirm that a significant percentage of Cypriots participate in betting and games of chance, with the vast majority, however, doing so in a social context, without exhibiting problematic behaviours.

The number of people with a pathological betting problem is small and at the same level as in other countries. The results of the research constitute a powerful scientific tool for addressing the challenges and formulating appropriate strategies.

In recent years, through the actions of the NBA, the destigmatisation of problematic behaviour has been largely achieved, allowing players to more easily express their concerns and seek help where and when needed.

With the aim of protecting society as a whole, NBA implements various programmes in collaboration with the competent bodies, such as the ‘Young Cities’ programme, the ‘Women and Gambling: Bridging the Gap, Empowering Women’ and the ‘Alliance for Children and Youth’.

In addition to preventive programmes, the NBA carries out regular public awareness campaigns, culminating in Safe Gambling Week, which will be held this year for the 8th year.

At the same time, we will further explore the possibility of new cooperations, in order to strengthen the protection net for the public and vulnerable groups.

The National Self-Exclusion Platform

Has the National Self-Exclusion Platform, which was recently launched by the NBA, had a significant impact among addicted betters?

The National Self-Exclusion Platform is an important self-protection tool for players, which went live in February 2024.

Within its first eight months of operation, more than 150 players have registered, of which 54 chose indefinite self-exclusion.

At the same time, the Authority is planning to include other population groups, such as athletes and sports figures, in collaboration with the federations and competent bodies, with the aim of enhancing transparency in sports.

On this occasion, let us remind you that the platform provides the opportunity for any player who wishes to register and be excluded from all online betting companies, either for a specific period of time or indefinitely via the website https://www.exclusion.cy/.

It is noted that for the protection of players, the Advertising Code and the Regulations for the Protection of Players, Young People and Pathological Gamblers were put into effect.

The effectiveness of these measures is reflected in the data available so far, which shows that after the implementation of the Regulations, a total of 36,878 players set a deposit limit, while in 2023 this number rose to 84,564, a number corresponding to 74% of the total number of registered players.

Also read: Panagiotis Trisokkas named new president of the National Betting Authority

(Source: InBusinessNews)