Cyprus Betting Market Surpasses €360 Million as Online Activity Drives Growth
Cyprus’ regulated betting sector recorded further expansion during the first quarter of 2026, supported by a substantial increase in online activity.
Between January and March, players placed more than €360 million in bets through licensed online platforms and physical betting shops operating across the country.
According to figures published by the National Betting Authority, total gross betting revenue reached €360.1 million during the three-month period. This represented a 12 per cent increase compared with the first quarter of 2025.
Online Betting Remains the Main Growth Driver
Digital betting services delivered the strongest performance during the quarter, continuing to account for most of the market’s activity.
Licensed online betting operators generated €273 million in gross betting revenue, marking a 17 per cent year-on-year increase.
The results indicate that digital channels are continuing to reshape Cyprus’ betting market, with online operators significantly outperforming the growth recorded by traditional retail businesses.
Revenue From Betting Shops Declines Slightly
While online activity increased sharply, Cyprus’ land-based betting sector experienced a small contraction.
Licensed betting shops generated €87.1 million during the quarter, representing a decline of 1 per cent compared with the same period in 2025.
Despite the reduction in revenue, the physical betting network continued to expand slightly, suggesting that licensed operators are maintaining a broad retail presence alongside the rapid development of online services.
Players Receive More Than €314 Million in Winnings
A significant proportion of the money wagered during the quarter was returned to players.
Total winnings reached €314.2 million between January and March, an increase of 12 per cent from the corresponding period of the previous year.
After player payouts were deducted, licensed betting companies retained €45.9 million in betting earnings. This was 11 per cent higher than the amount recorded during the first quarter of 2025.
The figures show that both overall betting activity and operator earnings continued to increase, although the online market remained the principal source of industry growth.
Betting-Sector Employment Rises by 10 Per Cent
The number of licensed betting shops operating across Cyprus increased by 1 per cent to 459 during the opening quarter of the year.
Employment within the licensed retail betting sector also recorded a stronger rise. The number of workers employed by betting shops reached 1,529, representing annual growth of 10 per cent.
This employment increase was considerably higher than the growth in the number of premises, indicating that existing betting shops may have expanded their staffing levels during the period.
Authorities Expand Crackdown on Illegal Websites
Alongside supervising licensed operators, the National Betting Authority continued its efforts to restrict access to unlicensed gambling websites.
By the end of the first quarter, the Authority’s blocking list contained 22,415 unlicensed websites. A further 406 websites were added between January and March.
The number of websites blocked during the quarter was 5 per cent higher than in the corresponding three-month period of 2025.
The blocking programme forms part of the regulator’s wider responsibilities, which include supervising licensed betting activity, protecting the public and addressing illegal gambling services targeting people in Cyprus.
Digital Expansion Reshapes Cyprus’ Betting Industry
The first-quarter figures demonstrate the growing importance of online services within Cyprus’ regulated betting market.
Although physical betting shops remain an established part of the industry and continue to support employment, almost three-quarters of the quarter’s gross betting revenue was generated through online operators.
With total market activity exceeding €360 million and online revenue rising by 17 per cent, digital betting is expected to remain a central factor influencing the industry’s performance and regulatory priorities.
Online References
- National Betting Authority — Quarterly Financial Results and Quantitative Data.
- National Betting Authority — Illegal Gambling and Blocking List.
- Cyprus Mail — First-quarter 2026 Cyprus betting-market figures.
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