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Cyprus gambling revenue triples in five years

Cyprus revenues from gambling increased to 3.4% of GDP in 2019; while in 2020, despite the pandemic, the percentage of revenues remained solid at almost 3%.

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The numbers were three times the size of gambling’s contributions to GDP in 2016, when it was almost 1%. The figures were announced at the fourth Play Safe Conference, which was organised by the National Betting Authority, and hosted by the body’s president Ioanna Fiakkou and Finance Minister Constantinos Petrides.

Fiakkou said: “We have a duty as a competent regulatory and supervisory authority to intensify and strengthen our efforts to protect players and society as a whole.”

She explained that the pandemic impacted the data, and highlighted the importance of safety and health, adding: “The percentages highlight the effectiveness of the regulations.”

Fiakkou insisted on the importance of security in gambling, especially at a time of an unprecedented crisis with the pandemic when societies worldwide are trying to recover and adapt to new data.

She also emphasised that the National Authority’s mission remains the effective regulation of the market. According to her speech, a model of safe play is to be implemented and it shall include provisions for strengthening the social responsibility of companies.

As the Authority is in the full process of developing a universal self-exclusion platform, Fiakkou concluded: “Providers with the implementation of the standard will be required to be certified with the highest criteria for the safety of players and the sustainable development of the sector.”

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