Cyprus gambling industry records €88.4m income for Q2

According to the data released by the National Betting Authority in Cyprus, Class A and B bookmakers had an income of €88.4m ($104.2m) for Q2 2020 (April-June). 

Gross gaming revenue was €10.6m, a 44% drop compared to €18.8m for the same period in 2019. GGR for Class A bookmakers dropped by 68% to €3.9m. GGR for Class B bookmakers for the period was €6.6; it’s a 5% increase compared to the same period in 2019. Cyprus has six Class A licensed bookmakers and nine that belong to Class B. 

 A 50% decrease in comprehensive income was recorded, compared to €176.4m that was reported for the same quarter in 2019. The income dropped significantly even compared to Q1 when the recorded income was €165.5m. The payout for Class A and B players was €77.8m, a 51% decline compared to the previous year when the payout was €157.6m 

The report stated there are 1292 employees working in the licensed premises during Q2, it’s a 6% growth compared to the same period in 2019. The financial data presented in the report was significantly affected by the COVID-19 pandemic. The Republic of Cyprus suspended all Class A betting premises from March 16 to May 23. Various sporting events were also canceled due to worldwide safety measures. 

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