Cyprus Business Now: finance, tourism, shipping, gambling, property

Cyprus’ licensed betting market saw wagers fall by €30.3 million to €329.8m in the second quarter of 2026, but bookmakers retained more after paying out winnings, according to figures from the National Betting Authority (NBA). Despite the 8.4 per cent decline from the €360.1m recorded during the first three months of the year, total betting activity was still 11 per cent higher than the €298.1m reported in the corresponding quarter of 2025. More importantly for operators, gross gaming revenue, which represents the amount retained after paying out player winnings, increased by 24 per cent year-on-year to €46.9m, compared with €37.9m a year earlier. The figure was also higher than the €45.9m recorded in the previous quarter, meaning that bookmakers earned more from a smaller volume of bets. As a result, the proportion of wagers retained by operators rose to approximately 14.2 per cent, compared with 12.7 per cent in the preceding quarter. These earnings do not represent net profits, as operating costs and other expenses have not been deducted. Cyprus recorded the third-highest tourism intensity in the European Union in 2025, with an average of 19.4 nights spent in tourist accommodation per resident, according to a report from Eurostat. The…