Cyprus Market Report
Te Advertising Code came into force in July 2021 and seeks
to ensure the advertising of betting activities is done with a sense of social responsibility. It applies to licensed entities and any person who enters into a contract with, or associated with, services subject to NBA licensing. It is essentially a rulebook outlining the marketing and advertising activities. Te NBA reminded players that participating in illegal gambling or online casinos comes with a fine of up to €50,000 and/or imprisonment for up to a year, whilst companies providing such illegal services face up to five years in prison and/or fines of up to €300,000. Te fight against illegal gambling continues. During the first quarter of 2025 another 322 unlicensed websites were added to the black list, bringing the total to 21,311. Meanwhile, a new dedicated gambling addiction treatment centre opened in May 2025 and is the first of its kind in the Paphos district. Te facility complements the ongoing implementation of the
NBA’s Safe Gambling Strategy for 2022-2025 and shifts its focus towards a public health-based approach. Te Strategy is built on four main pillars – protect, prevent, support and mobilise – and includes raising awareness about gambling risks and improving access to support centres.
GROWTH OF BETTING Te growth of the betting sector has been significant and is now a billion-euro industry. Around 55 per cent of Cypriots gamble, and the biggest age group is males aged 18 to 34. Te most popular form of gambling is the lottery, followed by
sports betting, and then bingo. Te first online betting licence was granted in December 2016 and between 2016 and 2019 the total revenue from betting increased by 286 per cent, accounting for 3.5 per cent of the country’s GDP. Back in 2016 there were 10 bookmakers and nearly 600
licensed premises and betting revenues reached €198.3m (GGR of €40.7m) jumping to six Class A bookmakers and nine Class B bookmakers and 553 premises in 2019 and betting revenues of €766.7m (GGR of €88.7 m). By the end of 2024, there were six Class A licensed bookmakers and 13 Class B with 463 premises and revenue of €1.22bn and GGR of €157.6m. During the first quarter of 2025 betting revenue reached €320.9m (€233.1m online and €87.8m land-based). Tere were seven Class A bookmakers registered in 2025 –
Betathlon Ltd (Cybet), Bet On Alfa, Stanleybet, OPAP Sports, Meridian Gaming, Cleverpath Holdings (Megabetplus and Scorebet) and BookieCo Betting. Tere were 14 Class A online operators - Hillside, BetonAlfa, Meridian Gaming, Ubet, Stoiximan, Infinity Technology Solutions, Betathlon, Copybet, Fortune Entertainment, Pari-Tech, Level Up Interactive, Cleverpath Holdings, Gamart
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and OPAP. OPAP has been present in Cyprus since 1969 and operates lottery games via OPAP Cyprus Ltd and sports betting via OPAP Sports Ltd – both are subsidiaries of Greek OPAP SA. In mid-2024, the company renewed its exclusive licence for
lottery operations for the next 15 years and operates games such as Lotto, Keno, TZoker, Extra 5 and Super 3. Te company has around 200 retail outlets. Te company pays a licence fee over 15 years, with the first
instalment paid last year of €4.2m. In addition, OPAP Cyprus will pay 22.5 per cent tax rate on GGR plus five per cent of its GGR to sports and charitable activities, with the minimum annual proceeds set at €20m. OPAP Sports began in 1995 under the name Glory Betting
Sports with 16 betting agencies. In 2003, it was acquired by OPAP Greece and was renamed OPAP Glory Ltd and later renamed OPAP Sports in 2010. In 2018 OpapBet was introduced, the betting brand which OPAP Sports commercially communicates its products such as Propo and Propogoal. Today, it has a network of more than 200 betting stores, 1,180 betting terminals and operates online via
opapbet.com.cy. OPAP Cyprus revenue for the year 2024 in Cyprus was €164.6m compared to €139.8m in 2023. Meanwhile, for the H1 period 2025, GGR for OPAP Cyprus was €86.8m compared to €77m for the same period in 2024.
Te most popular form of gambling is the lottery, followed by sports betting,
and then bingo. Te first online betting licence was granted in December 2016 and between 2016 and 2019 the total
revenue from betting increased by 286 per cent, accounting for 3.5 per cent of the country’s GDP.
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