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Cyprus gambling revenues triple in five years

Cyprus gambling revenues triple in five years

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Revenues from gambling on the European island of Cyprus revenues are reported to have increased to 3.4% of Gross Domestic Product (GDP) in 2019; while in 2020, despite the pandemic, the percentage of revenues remained solid at almost 3%. These numbers are three times the size of gambling’s contributions to GDP in 2016, when it was less than 1%. The figures were announced at the fourth Play Safe Conference, organised by the National Betting Authority and hosted by the body’s president Ioanna Fiakkou and Finance Minister Constantinos Petrides.

Ms. Fiakkou insisted on the importance of security in gambling, especially at a time of an unprecedented crisis when societies worldwide are trying to recover and adapt to new data. She also emphasised that her Authority’s mission remains effective regulation of the market. A model of safe play is to be implemented, including provisions for strengthening the social responsibility of companies. As the Authority is in the process of developing a universal self-exclusion platform, Fiakkou concluded: “providers with the implementation of the standard will be required to be certified with the highest criteria for the safety of players and the sustainable development of the sector.”