Cyprus Betting Market Reaches €1.327bn As Online Growth Widens Retail Gap

Licensed bookmakers in Cyprus accepted €1.327 billion in bets during 2025, according to figures from the National Betting Authority. 

The authority refers to the total amount wagered as “pay-in”, which differs from operator revenue. After customer winnings were paid, gross gaming revenue reached €161.8 million, up 3% from 2024.

Class B online bookmakers accepted €994.4 million in stakes during 2025, 11% more than the previous year and close to three-quarters of regulated turnover. Online gross gaming revenue increased 5% to €99.7 million.

Retail betting shops recorded much weaker growth. Stakes rose 2% to €332.6 million, while gross gaming revenue declined slightly to €62.1 million. The gap widened further during the first quarter of 2026. Total betting turnover reached €360.1 million, up 12% year-on-year, with €273 million placed online. Digital betting accounted for almost 76% of the total.

Retail betting weakens as customers move towards digital channels

Online stakes increased 17% during the first quarter of 2026, while online gross gaming revenue rose 21% to €29.7 million. Retail betting moved in the opposite direction. Stakes through betting shops fell around 1%, while land-based gross gaming revenue declined 4% to €16.2 million.

Online platforms are the main source of growth and dominate the turnover. Betting shops remain important to the sector. Cyprus had 459 licensed betting premises in the first quarter of 2026, employing 1,529 people. 

Physical shops may need to focus more on personal service and stronger links between retail and online accounts. 

Online expansion creates new compliance and tax considerations

Online activity generates detailed records of customer behaviour, giving operators more information to identify unusual spending patterns. At the same time, constant access means customers can place bets at any hour, increasing the importance of effective monitoring and intervention systems.

Growth in online gross gaming revenue also increases tax receipts because Cyprus applies betting tax at 10% of gross gaming revenue. However, tougher legal market growth does not mean customers are leaving illegal operators.

The National Betting Authority’s blocking list increased from 22,009 websites at the end of 2025 to 22,415 by the end of March 2026. During the first quarter alone, 406 illegal betting websites were added.

Cyprus enters a more digital phase as retail share continues shrinking

Retail betting supports employment and forms part of Cyprus’s gambling landscape. However, its turnover share has been shrinking with customer behaviour changes.

This shift places more emphasis on digital product quality, payments, account integration and responsible gambling controls for operators. 

Conversely, the regulator aims to support the licensed market while preventing digital expansion from weakening consumer protection or enabling illegal operators. 

Cyprus is fast becoming a digital-first betting market, but the regulatory gaps between online and retail are only widening. Betting shops still have a place in the industry, but they will need to compete through experience and service. The industry must support the changes in user behaviour with concurrent legal restrictions.