Keravnos urges stronger player safeguards as Cyprus betting industry grows

Nicosia, Cyprus. Finance Minister Makis Keravnos has urged stronger safeguards for players, warning that financial results alone cannot determine the success of Cyprus’ growing betting industry. As gambling expands and digital risks mount, he said its economic benefits must be weighed against the harm it can cause.

Regulation and protection

The minister’s remarks were presented this week at the 9th Safer Gambling Conference in Nicosia, which the National Betting Authority (NBA) organised. The Finance Ministry released the complete speech on Thursday.

Lucy Herodotou Mouskou, director of financial management of the central government, attended as the minister’s representative and delivered his address.

Keravnos said betting had grown substantially over recent years, supporting economic activity and creating added value for Cyprus. He stressed, however, that sound regulation, openness and safeguards for citizens were also necessary benchmarks for the industry’s progress.

He warned that “every case of problematic gambling comes at a cost to a family, to society and ultimately to the state”, arguing that preventing gambling-related harm must be integral to the industry’s development.

Online wagers drive growth

The NBA’s most recent available data put wagers handled by licensed online and land-based operators at €360.1 million for the first quarter of 2026. That represented a 12 per cent rise from €320.9 million in the corresponding quarter a year earlier.

Online activity accounted for most of the increase, with wagers totalling €273m, 17 per cent higher year-on-year. Betting at physical premises amounted to €87.1m.

The authority’s figures showed gross gambling revenue, calculated after deducting players’ winnings, rose 11 per cent to €45.9m. This produced approximately €4.59m in betting tax.