Cyprus gambling industry records €88.4m income for Q2
According to the data released by the National Betting Authority in Cyprus, Class A and B bookmakers had an income of €88.4m ($104.2m) for Q2 2020 (April-June).
Gross gaming revenue was €10.6m, a 44% drop compared to €18.8m for the same period in 2019. GGR for Class A bookmakers dropped by 68% to €3.9m. GGR for Class B bookmakers for the period was €6.6; it’s a 5% increase compared to the same period in 2019. Cyprus has six Class A licensed bookmakers and nine that belong to Class B.
A 50% decrease in comprehensive income was recorded, compared to €176.4m that was reported for the same quarter in 2019. The income dropped significantly even compared to Q1 when the recorded income was €165.5m. The payout for Class A and B players was €77.8m, a 51% decline compared to the previous year when the payout was €157.6m
The report stated there are 1292 employees working in the licensed premises during Q2, it’s a 6% growth compared to the same period in 2019. The financial data presented in the report was significantly affected by the COVID-19 pandemic. The Republic of Cyprus suspended all Class A betting premises from March 16 to May 23. Various sporting events were also canceled due to worldwide safety measures.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
