The betting sector in Cyprus returned to the pre-COVID-19 levels in the fourth quarter of 2021 with a total of €12.9 million diverted to state coffers throughout 2021 from taxes and contributions, according to financial data released by the National Betting Authority (NBA) on Tuesday.
According to the results for Q4 comprehensive income (pay-in) of Class A and B bookmakers amounted to €226.3 million, marking an increase of 16% year on year. Throughout 2021 the bookmaker’s comprehensive income amounted to €783.5 million, compared with €620.8 million in 2020 and €766.7 million in 2019.
State revenue from the 10% taxation in 2021 amounted to €9.9 million while the state received an additional €2.97 in 2021 from a 3% contribution. Under the Betting Authority law, bookmakers pay a 3% of net revenue contribution of which 1.5% is allocated to the National Football Federation, 0.5% to other Cypriot team sports federations, while the remaining 1% shall be used by the Authority to support mechanisms and programmes for the protection of young people and pathological players.
Furthermore, the number of gambling sites blocked rose by 2% compared with the third quarter of 2021, with 335 illegal sites blacklisted by the Authority.
In a statement, Ioanna Fiakou, President of the NBA said that the fourth quarter results reflect the growth prospects of the betting sector which recovered with a fast pace from the impact of the pandemic and the restrictive measures.
“The National Betting Authority’s aim is to further the sector by strengthening supervision and through the introduction of innovative tools and technologies, always with the aim to protect the vulnerable groups and the general public,” Fiakou added, according to a press release.