According to the latest betting news and reports provided by Cyprus’ National Betting Authority, operators who hold a local license have confirmed a considerable fall in betting handles.
The COVID-19 pandemic and long lockdown have influenced the gambling market in the country considerably, as operators prove by their reports that the second quarter of 2020 hasn’t been successful for them.
Amount of handles is unsatisfactory
As the figures show, the overall sum of handles generated by virtual and land-based bookmakers from bets is estimated at 88.4 million euros for three months (till the end of June). This sum is almost fifty-four percent less than they have generated during the first quarter. If to consider the total betting market revenue, the results also aren’t encouraging – the revenue has cut down to 10.6 million euros, which is forty-four percent less in comparison to 2019.
It is needless to say that the coronavirus pandemic has become the main reason for this decrease. Retail shops were enforced to close their doors for a long period, and it led to big losses. The retail sector’s handles have fallen to 16.6 million euros from fifty-seven million generated in the 2019 Q2. The revenue decreased to four million euros from €12.5 million. As for online sportsbooks, their situation is quite better because they have been providing online betting services during the pandemic, based on some sports that have “survived”. Their handles declined to 65.2 million euros but could gain the revenue increase in comparison to 2019 – more than six million euros or 4.7%.
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