Cyprus online gambling operators process a greater number of bets than their colleagues from the land-based segment, respectively, their income is significantly higher, but the revenue level is, on the contrary, lower.
The situation is commented on by representatives of 1ante.com – the company that gives the opportunity to enjoy a large variety of high-quality casino games from the best provides of the world. Visit their website in order to find more information about the gambling establishment.
The National Betting Authority of the Republic of Cyprus (NBA) has released its quarterly financial results.
Representatives of 1Ante company note that licensed bookmakers of the country are divided into two categories - A and B. The first are land-based operators, the second group provides services on the Internet. In total, in the third quarter of last year, the industry generated € 190.7 million, which is 12% more than in the same period of 2018. At the same time, total annualized income allows stating a decrease of 8%.
The Cyprus online betting market is represented by nine licensed operators. The financial result of their activities amounted to € 118.5 million, which is 35% more than in the third quarter of 2018. At the same time, six licensees – representatives of the land-based segment cannot boast of similar successes, their income decreased by 13% and amounted to € 72.2 million.
It is significant that in terms of revenue, the situation looks a little different – the online segment reported a decrease of 11% (€ 7.4 million), and the land-based segment - only 6% (€ 14.7 million).
As 1ante.com representatives that have a lot of experience in the gambling industry explain, the government of the country get 10% of revenue from bets, so the authorities are interested in fighting unlicensed operators who not only illegally serve customers but also do not pay taxes. In the third quarter, the gambling regulator added another 968 domains of illegal gambling operators to the black list. In total, the list includes more than 10.5 thousand domains.
According to the results of the second quarter of last year, the industry generated € 176.5 million, so it is worth noting a slight increase in its income.
New gambling establishment
It should be noted that the country's only licensed operator of land-based casinos, Cyprus Casinos, has launched a new gambling establishment in Paphos. This is the fourth and final satellite facility that will be open before the launch of the integrated resort.
The new gambling establishment is equipped with 50 electronic slot machines. Earlier, the company opened three more gambling establishments: in Nicosia, Ayia Napa and at the Larnaca Airport. The largest operator’s gambling establishment in Limassol has been serving visitors since 2018. The latter is considered a "test site" for the launch of the integrated resort City of Dreams, investments in the creation of which are announced to be in the amount of €550 million.
As mentioned earlier, in France, the online gaming marker grew significantly thanks to the popularity of sports betting.