News Business Cyprus Revenue Drop

Cyprus Revenue Drop

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The Cyprus-based betting industry has recorded a fall in revenue in the second quarter of 2019.

This week, the National Betting Authority of Cyprus released its report covering the months April to June this year. The report shows that Cyprus has seen a 14% drop in Gross Gaming Revenue (GGR) for both land-based and online sectors, however the retail betting sector saw the biggest drop.

Combined income for both retail and online betting showed a figure €176 million for the three-month period, compared to €169 million for the same time last year. But retail licenses recorded a decrease in income of 12% while online firms saw an 18% increase.

Retail firms saw a drop in GGR to €12 million, while the online sector of the Cyprus industry was hit by a fall of 15% in GGR to €6 million for the same period.

The report also shows that there was some loss of competition in the online market. Although the number of retail firms remained the same, there was a drop in the number of online bookmakers from 10 to nine in the second quarter.

The news comes at the same time as a crackdown on illegal gambling. The National Betting Authority has reported an increase of more than 1000% in the total number of sites that they have blocked since the second quarter of 2015. That year marked the introduction of the blocking process.

During the April to June period, the report shows that 9624 sites were blocked, which compares to only 548 during the first quarter of 2015. And the figure is also up for that from the first quarter of 2019, when 893 sites were put on the block list; an 8% increase.

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