Cyprus’ licensed betting market saw wagers fall by €30.3 million to €329.8m in the second quarter of 2026, but bookmakers retained more after paying out winnings, according to figures from the National Betting Authority (NBA).
Despite the 8.4 per cent decline from the €360.1m recorded during the first three months of the year, total betting activity was still 11 per cent higher than the €298.1m reported in the corresponding quarter of 2025.
More importantly for operators, gross gaming revenue, which represents the amount retained after paying out player winnings, increased by 24 per cent year-on-year to €46.9m, compared with €37.9m a year earlier.
The figure was also higher than the €45.9m recorded in the previous quarter, meaning that bookmakers earned more from a smaller volume of bets.
As a result, the proportion of wagers retained by operators rose to approximately 14.2 per cent, compared with 12.7 per cent in the preceding quarter. These earnings do not represent net profits, as operating costs and other expenses have not been deducted.
Looking at the first six months of 2026, total betting activity reached approximately €689.9m, compared with €619m during the corresponding period of 2025, representing an increase of 11.5 per cent.
Meanwhile, bookmakers’ combined earnings after player payouts reached €92.8m during the first half of the year, an increase of almost 17 per cent compared with €79.4m a year earlier.
Based on the authority’s 10 per cent betting tax rate, the second-quarter earnings would also translate into approximately €4.69m in betting tax, compared with €3.79m in the same quarter last year.
According to the latest quarterly figures, online betting continued to account for the largest share of the market.
In particular, Class B operators, which provide online betting services, recorded €252.3m in wagers, an increase of 13 per cent compared with the same period last year.
This represented approximately 76.5 per cent of total betting activity, while Class A operators, which run land-based betting services, generated €77.5m, up 5 per cent year-on-year.
The online market also increased its share compared with the second quarter of 2025, when it accounted for approximately 75.2 per cent of all wagers.
However, compared with the first quarter of 2026, online wagers declined from €273m, while betting through physical premises fell from €87.1m.
Meanwhile, the amount retained by online bookmakers after player payouts reached €30.2m, representing a 27 per cent annual increase.
Land-based operators also recorded higher earnings, with their share reaching €16.7m, up 18 per cent compared with the second quarter of 2025.
At the same time, players received €282.9m in winnings between April and June, an increase of 9 per cent from €260.1m a year earlier.
Of this amount, €222.1m went to online players, further demonstrating the scale of digital betting within the licensed market.
Turning to the industry’s physical presence, the authority reported 461 licensed betting premises across Cyprus, compared with 459 in the first quarter and 460 in the corresponding period last year.
Nicosia continued to have the highest concentration, with 162 betting shops, followed by Limassol with 134 and Larnaca with 83.
Paphos accounted for another 46 premises, while Famagusta had 36.
Although the number of premises changed little compared with the previous year, employment continued to increase.
The number of people working in licensed betting shops reached 1,584, representing a 10 per cent increase from 1,436 in the corresponding quarter of 2025.
The figure was also higher than the 1,529 employees recorded during the first quarter of 2026, reflecting an increase of 55 workers within three months.
The number of licensed operators, however, remained unchanged, with six Class A bookmakers and 13 Class B operators active during the quarter.
Alongside the financial results, the authority reported further action against illegal betting websites.
Its blocking list reached 22,660 websites by the end of June, with another 245 illegal websites added during the second quarter.
This compares with 22,415 websites at the end of March and 21,633 in June 2025, representing an annual increase of approximately 5 per cent.
The latest figures come as Cyprus continues to examine the regulation of its growing betting industry, particularly the challenges associated with online gambling, illegal advertising and consumer protection.
The authority has already announced plans to strengthen its powers against illegal gambling promotions appearing on social media, mobile applications and search platforms.
It is also seeking to extend self-exclusion measures to physical betting shops, allowing people experiencing gambling-related difficulties to restrict their access beyond licensed online platforms.
The need for stronger safeguards has become increasingly important following research commissioned by the NBA earlier this year.
The nationwide survey, conducted among 1,000 people aged between 18 and 35, found that 93 per cent had encountered gambling-related content on social media during the previous 12 months.
Furthermore, 89 per cent had seen paid advertising from betting companies and online casinos, while 77 per cent had encountered gambling promotions by influencers.
The findings have brought renewed attention to the growing influence of digital advertising, particularly among younger users.
During the ninth Safer Gambling Conference held in Nicosia, Finance Minister Makis Keravnos warned that the sector’s economic growth “should not be assessed solely through financial performance.”
In remarks delivered on his behalf by Lucy Herodotou Mouskou, director of financial management of the central government, Keravnos stressed the importance of effective supervision, transparency and safeguards for players.
He also pointed to the wider social costs associated with problematic gambling, calling for stronger prevention measures and greater protection of vulnerable groups.
Meanwhile, NBA chairman Panayiotis Trisokkas has called for “more effective regulation and greater use of technology to identify emerging risks, particularly those associated with illegal betting.”
The authority’s priorities for 2026 – 2028 include strengthening prevention and treatment programmes, improving support for vulnerable players and extending existing protection measures across the licensed betting market.