Cyprus Bookmakers Report 14% Revenue Fall in 2019 Second Quarter

National Betting Authority of Cyprus has published the financial results of the second quarter of 2019 and reported difficult second quarter for bookmakers in the country. The gross gaming revenue dropped by 14% for Class A retail  and Class B online licensees.

The combined comprehensive revenue for Class A and Class B bookmakers showed a 4% increase between April and June 2019, reporting a combined figure of €176m compared to €169m in 2018. However, the retail licensees marked a decrease of 12% in comprehensive income compared to the same quarter of 2018.

Online licensees reported an 18% jump in comprehensive income in comparison to Q2 2018, with figures recorded as €107m.

The GGR for Class A bookmakers for period decreased and reached a total amount of €12m, denoting a decrease of 14% in comparison to the same quarter of 2018. Meanwhile, the GGR for Class B bookmakers for the period between April and June 2019, reached a total amount of €6m, resulting in a 15% decrease compared to the same period in 2018.

During Q2 2019, the number of Class A bookmakers remained the same as Q1 2019, with six bookmakers holding licenses. The number of Class B bookmakers decreased, however, from 10 to 9 since Q1 of this year.