Cyprus betting sector records strong growth in Q4 2025

Cyprus closed 2025 with another quarter of solid growth in its regulated betting industry, as gross gaming revenue from licensed betting operations climbed significantly during the final three months of the year. According to official figures released by the National Betting Authority, total betting gross gaming revenue reached €395.5 million in the fourth quarter of 2025, reflecting a 22% increase compared with the same period in 2024.

The latest data highlights the continuing strength of the country’s regulated gambling market, particularly within the online betting segment, which remained the primary source of expansion throughout the year. Retail betting operations also delivered positive growth, although at a slower pace than digital channels.

The fourth-quarter performance capped a year of continued momentum for the Cypriot gambling sector. Total betting gross gaming revenue for the full year reached €1.32 billion, representing annual growth of 8% compared with 2024. The figures suggest that Cyprus has continued to strengthen its regulated framework while consumer activity within licensed channels remains elevated.

Online betting drives market expansion

Online betting once again emerged as the strongest contributor to revenue growth in Cyprus during the fourth quarter. Internet betting operations generated €301.5 million in gross gaming revenue during the reporting period, marking a substantial 27% year-on-year increase.

The online segment accounted for the clear majority of overall quarterly betting revenue, further reinforcing the shift in consumer behavior toward digital gambling platforms. Analysts across the industry have increasingly pointed to convenience, mobile accessibility and broader product offerings as key factors supporting the growth of regulated online betting markets across Europe.

Cyprus appears to be following the same pattern. The sustained expansion of online betting revenue indicates that licensed operators continue to attract users within the country’s regulated framework despite broader competition from unlicensed websites.

The strong digital performance also reflects the continued maturity of Cyprus’ online betting market. Rather than relying on rapid market entry from new operators, revenue growth appears to be largely supported by increased engagement from existing customers and higher activity levels across licensed platforms.

Retail betting remains resilient

While online betting continued to dominate the market, land-based betting operations also recorded positive growth during the quarter.

Retail betting gross gaming revenue reached €94.1 million in Q4 2025, representing a 9% increase compared with the same quarter in the previous year. Although this rate of growth was materially lower than the online segment, the results still demonstrated steady demand across physical betting locations.

The retail sector has faced increasing pressure in many European jurisdictions as consumers continue to migrate toward digital platforms. However, Cyprus’ land-based market has maintained relatively stable performance, supported by an established retail presence across major cities and local communities.

Industry observers note that physical betting venues continue to provide a social element and accessibility for customers who prefer in-person wagering experiences. The latest figures suggest that retail betting still holds an important role within the broader Cypriot gambling ecosystem despite the growing dominance of internet betting.

Licensed operator numbers remain stable

The structure of the licensed betting market in Cyprus remained unchanged during the reporting period. The country continued to host six licensed land-based betting operators and 13 licensed online betting operators throughout the fourth quarter of 2025.

The stability in operator numbers is notable because it indicates that revenue growth was not driven by a wave of new market entrants. Instead, the increase in gross gaming revenue appears to reflect stronger operational performance among existing license holders and increased betting activity from consumers.

Stable licensing conditions may also point to a relatively mature regulatory environment where operators are already well established within the market. Cyprus has maintained a regulated betting framework for several years and authorities have continued efforts to monitor compliance and channel gambling activity toward licensed providers.

Betting taxes and licensing fees collected during the quarter totaled €47.4 million, reflecting a 4% increase compared with the previous year. While this increase was smaller than the overall revenue growth rate, it still demonstrated continued expansion in regulated betting activity.

Retail network expands slightly across Cyprus

The number of licensed betting premises operating in Cyprus increased modestly during the quarter. By the end of Q4 2025, the country had 467 licensed betting locations, representing a 1% increase compared with the same period in 2024.

The relatively limited expansion in physical locations suggests that retail revenue growth was driven more by stronger performance per venue rather than a major increase in the number of shops.

Nicosia remained the largest retail betting market in Cyprus with 163 licensed premises. Limassol followed with 135 venues while Larnaca accounted for 84 betting locations.

Elsewhere, Paphos recorded 49 licensed premises while Famagusta had 36 locations operating during the reporting period.

The geographic distribution of betting shops reflects the concentration of economic activity and population centers across Cyprus. Urban regions continue to serve as the core retail markets for licensed betting operators.

Authorities continue action against illegal gambling websites

Alongside the growth of the regulated market, Cypriot authorities continued efforts to combat unlicensed online gambling activity.

During the fourth quarter of 2025, the blacklist of blocked or prohibited betting websites expanded to 22,009 entries. Authorities added 184 new websites to the blacklist during the reporting period alone.

The total represented a 5% increase compared with the previous year, highlighting the ongoing enforcement challenge faced by regulators in digital gambling markets.

Illegal online gambling continues to present regulatory concerns across many jurisdictions because unlicensed operators often function outside local consumer protection standards, taxation frameworks and responsible gambling requirements.

Cyprus has maintained restrictions on certain forms of online gambling activity under its current legal structure, including the prohibition of online casino gambling. As a result, regulators have continued to monitor unauthorized platforms that attempt to target local consumers.

The expanding blacklist demonstrates the scale of enforcement activity required to maintain oversight in the online environment. Authorities have repeatedly emphasized the importance of directing players toward licensed operators that comply with national regulations.

Casino sector also posts strong annual growth

Separate figures released by the Cyprus Gaming and Casino Supervision Commission showed that the land-based casino industry also delivered strong performance during 2025.

Gross gaming revenue from casinos reached €227 million for the year, representing a 20% increase compared with €189.2 million recorded in 2024.

The casino sector’s growth further strengthened the broader gambling industry’s contribution to the Cypriot economy. Increased tourism activity, growing visitor numbers and the continued development of integrated resort operations were viewed as important factors supporting casino revenue performance.

The flagship City of Dreams Mediterranean resort in Limassol remained the dominant casino property in the country throughout 2025. According to official figures, the resort contributed 86% of the country’s total casino gross gaming revenue during the year.

The property has become a central component of Cyprus’ gaming and tourism strategy since opening, attracting both domestic visitors and international tourists.

Regulated gambling market continues upward trend

The latest quarterly and annual figures suggest that Cyprus’ regulated gambling sector maintained strong momentum throughout 2025 across both betting and casino operations.

Online betting continued to drive the majority of growth while retail betting venues demonstrated resilience despite broader industry shifts toward digital channels. Meanwhile, casino operations also delivered notable annual gains, supported largely by integrated resort activity in Limassol.

At the same time, authorities continued to focus on regulatory enforcement and efforts to limit unlicensed gambling activity within the market.

Looking ahead, the performance of the Cypriot gambling sector is likely to remain closely tied to developments in online betting, regulatory oversight and tourism-related casino activity. While competition across the European gambling industry remains intense, the latest figures indicate that Cyprus continues to experience steady expansion within its regulated framework.

Conclusion

Cyprus ended 2025 with strong indicators across its regulated gambling market, supported by continued online betting expansion and resilient land-based activity. The fourth-quarter revenue increase demonstrated sustained consumer engagement within licensed channels while the broader annual figures confirmed the market’s ongoing development.

The online sector remained the primary growth engine throughout the year, reflecting wider digital trends seen across the European betting industry. At the same time, retail betting shops and casino operations continued to play an important role in maintaining a diversified gambling market.

Regulatory oversight also remained a key priority for Cypriot authorities, particularly in relation to illegal online gambling websites and market supervision. The balance between industry growth and regulatory enforcement is expected to remain central to the country’s gambling framework moving forward.

Overall, the latest results indicate that Cyprus has continued to strengthen its position as a regulated gambling market with stable operator participation, expanding consumer activity and sustained growth across multiple verticals.

FAQs

What was Cyprus’ betting gross gaming revenue in Q4 2025?
Cyprus recorded €395.5 million in betting gross gaming revenue during the fourth quarter of 2025.

How much did Cyprus betting revenue grow year-on-year in Q4 2025?
The betting sector reported a 22% increase compared with the same period in 2024.

Which segment drove most of the growth in Cyprus?
Online betting generated the largest share of growth during the quarter.

How much revenue did online betting generate in Q4 2025?
Internet betting revenue reached €301.5 million during the quarter.

Did land-based betting also grow in Cyprus?
Yes. Retail betting revenue increased by 9% year-on-year to €94.1 million.

How many licensed online betting operators are active in Cyprus?
Cyprus had 13 licensed online betting operators during Q4 2025.

How many betting shops operate in Cyprus?
There were 467 licensed betting premises operating across Cyprus during the reporting period.

Which city had the highest number of betting locations?
Nicosia had the highest number of licensed betting venues with 163 locations.

What action did authorities take against illegal gambling websites?
Authorities expanded the blacklist of prohibited betting websites to 22,009 entries during Q4 2025.

How did Cyprus’ casino sector perform in 2025?
Casino gross gaming revenue reached €227 million in 2025, representing annual growth of 20%.