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Cypriot Online Gambling Operators Reported Revenue Growth

26 May 2020, 15:08
Votes: 3

Bookmakers licensed in the Republic of Cyprus have reported solid revenue growth in the first quarter of 2020. However, according to diverse gambling news, the operator PokerStars, which provides its services without special permission, is most likely to leave the market. Representatives of 1Ante have commented on the situation.

Cypriot Online Gambling Operators Reported Revenue Growth

The National Betting Authority (NBA) released data according to which six licensed bookmakers accepted bets totaling € 64.8 million in the first three months of this year. Despite the fact that this indicates a decrease of one fifth compared to the same period last year, revenue from operations increased by 6% and amounted to € 15.36 million.

Online betting operators processed bets for a total of € 100.7 million, reporting a decrease of 2%. Nevertheless, revenue from interactive wagers increased by 56% to € 9.9 million.

In total, in the first quarter, the industry processed bets, the total amount of which amounted to € 165.5 million. It should be noted that the figure for the fourth quarter of last year was fixed at € 215.5 million. At the same time, total revenue decreased slightly – from € 27 million to € 25 million

"The reduction in financial performance is most likely due to the influence of the coronavirus pandemic, which continues to destroy the gambling industry around the world," representatives commented.

In the first quarter, the country's gambling regulator added another four hundred sixty-one names to the blacklist of operators providing services to Cypriot users illegally. The total number of companies and their platforms that have been blacklisted is already 11,824.

Why is PokerStars leaving the market?

An unlicensed player in the gambling market in Cyprus – the global poker giant PokerStars – recently sent an email to its clients living in the region informing them that the site had decided to stop working.

Representatives of noted that the positive thing is that the players were allowed to withdraw funds from their accounts until May 4.

Despite the fact that company representatives practically did not comment on the situation, the market exit was timed to coincide with the merger of the parent company with the British giant Flutter Entertainment. The latter takes a less loyal position regarding work in grey markets, and this is also evidenced by the fact that one of the company's brands – Betfair – left the Russian gambling market.

Read more: Gross Gaming Revenue: the exact definition

Read more: The most important information regarding online gambling in Europe

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