Gambling income boosts the Cypriot economy


Gambling brought a major amount of income to the Cypriot market in the last five years. The country’s gambling revenues increased to 3.4% of GDP in 2019 and the next year remained at the percentage of 3% despite several financial difficulties.

Back in 2016, the percentage of gambling’s contribution to the local GDP was way lower, at 0.99%. These statistics were revealed at the 4th Play Safe Conference that was organized by the Cypriot National Betting Authority and hosted by Finance Minister Constantinos Petrides and the Authority’s president Ioanna Fiakkou.

Ioanna Fiakkou stated: “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 also mentioned that the economical difficulties that occurred during 2020 impacted the gambling sector in Cyprus and highlighted the importance of safety and health. Fiakkou added that: “The percentages highlight the effectiveness of the regulations.”

Moreover, she emphasized the importance of security in gambling, especially at a time when global societies are trying to financially recover and adapt to a new era. Furthermore, Fiakkou insisted that the National Authority’s mission remains the effective regulation of the market and that a new model of safe play is to be implemented at the local market. Also, the Authority is about to include provisions for strengthening the social responsibility of companies.

At the end of her speech, she said: “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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