Cyprus Online Bookies Collect Less Revenue than Their Land-based Counterparts

Home » Cyprus Online Bookies Collect Less Revenue than Their Land-based Counterparts

A report released by the National Betting Authority (NBA) of the Republic of Cyprus shows that the online sports betting operators handled more wagers but collected less revenue than their land-based counterparts in the country’s fiscal Q3.

NBA’s figures show Class A (retail) and Class B (online) licensed bookmakers generated a collective betting handle of €190.7m in the three months ending September 30, 2019, a 12% improvement from Q3 2018, but their combined revenue fell 8% year-on-year to under €22.1m.

The online betting revenue fell 11% to €7.4m while retail revenue fell a more modest 6% to €14.7m. The nine licensed online bookies saw their betting handle spike by 35% to €118.5m, whereas the six land-based betting operators saw their handle slip 13% to €72.2m. The government claims a 10% share of betting revenue, so it has a vested interest in keeping online operators not holding a local license from catering to Cypriot gamblers.

The NBA added another 968 domains to its online gambling blacklist in Q3, bringing the total up to 10,592. The Q3 handle figure represented a modest gain on Q2’s €176.5m and also represented the highest quarterly figure of the fiscal year to date.

Meanwhile, the Republic’s lone casino operator Cyprus Casinos (C2), has opened its new gaming venue in Paphos, which features 50 electronic gaming machines. This casino is the fourth and final satellite casino to open before its main integrated resort follows suit in 2021.

Source: https://calvinayre.com/2020/02/26/business/cyprus-online-bookies-handle-more-wagers-collect-less-revenue/

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