**Cypriots Bet Big as Betting Market Reaches €360 Million in Q1 2026**
Cyprus' betting market has shown significant growth in the first quarter of 2026, with total gross revenue from Class A and Class B operators reaching €360.1 million. This figure represents a 12 percent increase compared to €320.9 million in the same period of 2025, according to data released by the National Betting Authority (NBA).
The expansion of the betting sector is largely attributed to the continued rise of online betting, which has emerged as the primary driver of activity. Class B operators, which primarily include online platforms, generated €273 million in gross revenue, marking a 17 percent year-on-year increase. In contrast, Class A operators, which encompass land-based betting establishments, reported a slight decline in revenue, totaling €87.1 million—a 1 percent decrease from the previous year, though still 3 percent higher than the same period in 2024.
Player payouts across both betting categories also saw an upward trend, amounting to €314.2 million during the first quarter, which is a 12 percent increase from the previous year. Online players received the largest share of these payouts, totaling €243.3 million.
The overall betting earnings, calculated as the difference between amounts wagered and player payouts, reached €45.9 million, reflecting an 11 percent increase from €41.5 million in the first quarter of 2025. While Class A earnings fell by 4 percent to €16.2 million, Class B earnings rose significantly by 21 percent, achieving €29.7 million.
The number of licensed Class A betting premises across Cyprus saw a modest increase of 1 percent year-on-year, totaling 459 establishments. The distribution of these premises is as follows: 164 in Nicosia, 132 in Limassol, 81 in Larnaca, 46 in Paphos, and 36 in Famagusta. Employment in licensed betting shops also experienced a positive trend, with staff numbers rising by 10 percent to reach 1,529.
Despite the growth in revenue and employment, the NBA reported a notable increase in license cancellations and withdrawals, which surged by 125 percent compared to the first quarter of 2025. The number of active operators in the market remained stable, with six Class A operators and 13 Class B operators continuing their operations.
In an effort to combat unlicensed betting activities, the NBA has intensified its regulatory measures. By the end of March 2026, the authority had blocked a total of 22,415 illegal betting websites, adding 406 new sites during the quarter—a 5 percent increase from the same period last year.
The continued expansion of Cyprus' betting market reflects the growing acceptance and integration of online betting platforms into the gaming landscape, as well as the ongoing efforts by regulatory authorities to ensure a safe and legal betting environment for consumers. As the market evolves, stakeholders will be closely monitoring trends in both revenue and regulatory compliance to adapt to the changing dynamics of the industry.