Sponsored by CYPRUS BETTING REVENUES 2021-2024 2024
Total Income GGR
Betting tax Licensees
CLASS A Income GGR
Betting tax A Licensees
Total premises
CLASS B Income GGR
Betting tax B Licensees
€1.22bn €157.6m €20.4m 19
2023 €1.1bn
€123.4m €16m 20
2022
€959.5m €116.1m €15.2m 18
2021
€783.4m €98.9m €12.8m 17
€324.6m €62.6m €8m 6
463
€310.1m €54.5m €7m 7
490
€276.3m €54.6m €7m 7
479
€206.8m €41.6m €5.3m 6
487
€890m €95m
€12.3m 13
€799m €68.9m €8.9m 13
€683.2m €61.5m €8m 11
€576.6m €57.3m €7.4m 11
In April 2025, a controversial amendment was passed lifting
the Republic of Cyprus’ cap on cash transactions in casinos, which was introduced in December 2023. Tis limited all cash transactions to €10,000 to help align with AML regulations. However, lawmakers argued this merely pushed high-stakes
gamblers to the northern part of the island, where these limits did not apply and have now introduced an exemption for casi- nos.
Tose who voted in favour say permitting higher cash payments
at the casinos will strengthen the region’s economy and retain high-value tourists. Others fear it is merely opening a dangerous loophole that contradicts EU financial regulations. Visitors bringing large amounts of cash for gambling purposes
into Cyprus must declare their funds on entry. Casinos will be obligated to request proof of this declaration before players can proceed. Te exemption comes despite a forthcoming EU regulation,
which will impose strict limitations on cash use due to take effect in 2027.
CASINOS IN NORTHERN CYPRUS Over in Cyprus’ occupied north, the story is slightly different. Te region, unrecognised by any country except Turkey, is largely dependent on Turkey’s economic support. However, it seems a volatile Turkish lira and soaring inflation
rates have left Northern Cyprus struggling, and to help bail it out, the regional government has lifted restrictions on casino licences. Northern Cyprus is facing several challenges. With most
exports blocked, the region generates more than 75 per cent of its GDP through services such as tourism and higher education. Te pandemic wiped out the demand for these services and the economy contracted by more than 16 per cent in 2020, whilst annual inflation reached 36 per cent by June 2024. Tourism and casinos have long dominated the economy, es-
pecially as trade restrictions and traditional exports are also reeling under international embargoes. Te World Poker Tour is held here, with thousands of Texas Hold ‘em and Omaha players arriving to play.
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