Cyprus’ expanding betting industry cannot be judged by financial performance alone, Finance Minister Makis Keravnos warned, calling for greater protection of players as gambling activity continues to grow and digital risks increase.
In a speech delivered on his behalf at the 9th Safer Gambling Conference in Nicosia this week, and published in full by the Finance Ministry on Thursday, Keravnos stressed that the industry’s contribution to the economy must be balanced against its social consequences.
His message was delivered by Lucy Herodotou Mouskou, director of financial management of the central government, who represented the minister at the event organised by the National Betting Authority (NBA).
Keravnos acknowledged that betting activity has expanded considerably in recent years, contributing to economic activity and generating additional value for the Cypriot economy.
However, he warned that “this growth cannot and must not be assessed solely on the basis of economic indicators”, explaining that effective regulation, transparency and the protection of citizens were equally important measures of progress.
He further stressed that “every case of problematic gambling comes at a cost to a family, to society and ultimately to the state”, making the prevention of gambling-related harm an essential part of the sector’s development.
The latest figures from the National Betting Authority reflect the continued growth of Cyprus’ betting industry.
According to the NBA’s latest available figures, the amount wagered through licensed land-based and online operators reached €360.1 million in the first quarter of 2026, an increase of 12 per cent compared with €320.9 million a year earlier.
Online betting was the main contributor to this growth, with wagers reaching €273m, up 17 per cent year-on-year, while land-based betting generated €87.1m.
After player winnings were deducted, gross gambling revenue reached €45.9m, an increase of 11 per cent, generating approximately €4.59m in betting tax.
Beyond the financial results, Keravnos placed particular emphasis on the responsibilities of the state and licensed operators, arguing that safer gambling should form an integral part of the industry’s operations rather than simply fulfilling regulatory requirements.
He also emphasised the growing exposure of children and young adults to gambling-related advertising and digital content, stressing the importance of prevention and early identification of harmful behaviour.
The concern is supported by research published earlier this year by the NBA, which found that 93 per cent of people aged 18 to 35 had encountered gambling-related content on social media during the previous 12 months.
The July survey, involving 1,000 respondents across Cyprus, also found that 89 per cent had encountered paid advertising from betting companies and online casinos, while 77 per cent had seen gambling promotions by influencers.
Keravnos welcomed the conference’s emphasis on artificial intelligence (AI) and data analytics, which he said “could help regulators better understand emerging risks and improve player protection.”
He stressed that technological developments were changing the betting landscape rapidly, requiring regulatory authorities to continuously adapt their supervision methods, strengthen their expertise and adopt more effective monitoring tools.
At the same time, he called for zero tolerance towards illegal gambling, an issue that remains a challenge for the authorities.
The scale of the problem is reflected in NBA figures showing that 22,415 websites were on its blocking list at the end of March 2026, including 406 newly identified illegal sites added during the first quarter.
Keravnos also referred to the National Self-Exclusion Platform, introduced in February 2024, which allows individuals to temporarily or permanently exclude themselves from all licensed online betting operators in Cyprus.
Under the NBA’s 2026 – 2028 strategic plan, the regulator is also seeking to extend self-exclusion measures to land-based betting, strengthen treatment and rehabilitation programmes and improve support for vulnerable groups.
The minister welcomed educational initiatives being carried out during Safer Gambling Week, including activities in schools, universities, sports academies and the National Guard, alongside treatment services developed in cooperation with the Cyprus National Addictions Authority.
He further stressed that the government, under President Nikos Christodoulides, remained committed to combining sound public finances with support for households and the protection of citizens.
Closing his message, Keravnos said that “the economic prosperity of a country cannot be separated from the protection of its people”, adding that those choosing to gamble must remain within safe limits and that the state has a responsibility to support them when those limits are exceeded.