Latest News
Cyprus: National Betting Authority Reveals Strong Growth in Q3 2023
The National Betting Authority has released the financial outcomes for the third quarter of 2023, showcasing a continual surge in the revenue of the betting sector, underscoring its robust and consistent growth.
As per the disclosed financial results, the gross betting revenue for both Class A (land-based betting) and Class B (online betting) recipients reached €259,440,696. This signifies a noteworthy 9% surge in comparison to the third quarter of 2022 (€238,175,857) and an even more substantial 35% increase in contrast to the third quarter of 2021 (€192,087,098).
Breaking down the figures, Class A recipients contributed €70,941,349, while Class B recipients accounted for €188,499,347 of the total gross revenue. Class A recipients observed an 8% increase in gross revenue compared to the same period in 2022 and a substantial 21% surge in comparison to the third quarter of 2021. Meanwhile, Class B recipients experienced a 9% rise compared to the corresponding quarter of 2022 and an impressive 41% increase compared to the third quarter of 2021.
Profits for both Class A and B players continued their upward trajectory, reaching €232,011,110. This represents an 11% uptick compared to the same period in 2022 and a notable 38% increase from the third quarter of 2021. Notably, the lion’s share of profits, specifically €172,726,941, belonged to Class B players during this quarter.
However, Class A and B betting earnings totaled €27,429,585, reflecting an 8% decrease compared to the corresponding quarter of the previous year (€29,705,139). Specifically, Class A betting receipts amounted to €11,657,180, marking a 14% decrease compared to the third quarter of 2022, while Class B betting receipts totaled €15,772,406, presenting a 2% decrease compared to the same period.
Examining the landscape of Class A properties, their number decreased by 2% in the third quarter of 2023 compared to the corresponding period of the previous year. The licensed properties, predominantly concentrated in Nicosia (169), Limassol (140), Larnaca (88), Paphos (54), and Famagusta (39), amounted to a total of 490 Cypriots.
Despite the positive financial indicators, there was a 44% increase in license cancellations or application withdrawals compared to the corresponding quarter of 2022. The number of individuals employed in licensed premises reached 1472, showcasing a 3% increase compared to the same period in 2022.
Addressing the issue of illegal betting, the report highlighted a 2% increase in blocked websites compared to the second quarter of 2023, with a total of 339 illegal websites added to the list. The current roster of prohibited betting service websites now stands at 18,577.
Interviews
Thunderkick’s secret to success: The importance of a localised approach
In our latest Q&A, we sat down with Thunderkick’s Key Account Manager: Andrea Brioschi. In the piece he talks about the importance of localisation and targeted comms in specific markets, as well as the intricacies of the Italian market.
Although Thunderkick is an established provider in Italy, how important is it having a native speaker to build and maintain strong partner relations in the market?
A localised approach is key in any market, but it is particularly important in Italy, where the natives are typically very traditional people. Italians like to communicate in their own language, and it is far easier to forge relationships when you share traditions and can understand cultural references relating to a specific way of life.
Certain marketing strategies that work in other European jurisdictions won’t necessarily be effective in Italy, so having a native managing client relationships is pivotal in enhancing operational efficiency. Like any industry, iGaming is about building and maintaining relationships, and a targeted approach will not only help establish connections, but can also aid in delivering country-bespoke content and marketing campaigns.
In your position working across multiple jurisdictions, what are the differences in how the Italian market operates?
The Italian market is incredibly unique and comes with its own challenges. The strict regulatory guidelines make marketing new products tricky, with various game approval processes in place and numerous certificates required. As a result, the process can sometimes take up to a month, meaning a huge amount of prior planning is necessary in order to meet deadlines.
This is why it’s essential to have someone in place who works within the market, day in, day out. You can no longer navigate the Italian market as a salesperson. Instead, you must have a broad spectrum of knowledge and experience within sales, compliance, and legislation.
How has your position as a native Italian speaker helped resolve previously encountered issues?
Thunderkick’s approach in Italy has allowed us to build relationships with a host of reliable partners, which are crucial when it comes to launching games. Previously, due to the processes in place, games would often be released days, sometimes even weeks later in Italy. With the right coordination and planning, as well as optimised communication, we can work ahead of schedule to obtain certification early, streamlining the product launch process so that games can be released on the same day in Italy as they are across the rest of Europe.
Effective communication is the most important aspect. Having a native speaker means nothing gets lost in translation and the correct message can be relayed from our Italian partners back to the Thunderkick tech and compliance teams, in turn allowing for rapid and efficient problem-solving.
What are the key benefits of adopting a tailored approach to commercial activities in a market and what impact has this had on revenue?
At Thunderkick, we strive to provide the best possible service to our customers. Something which may seem inconsequential, such as having similar experiences growing up, can be more significant than you think in fostering strong relationships. I have the opportunity to really get to know our partners, allowing us to tailor our approach according to their preferences.
It is also necessary to understand what resonates with players in a specific market, paving the way for bespoke content and targeted communications. We can now make predictions about which games will be more successful in Italy and create a marketing campaign across the relevant channels to appeal to the target audience. Ultimately, this tailored strategy is a key factor in amplifying player acquisition, enhancing player experiences, and driving commercial revenue growth. This has been apparent, with Thunderkick’s Italian operations thriving alongside the expansion of the market.
Do you think the success of Thunderkick’s localised approach in Italy will impact future decisions to employ native speakers in targeted markets?
Having seen the impact of our localised operations in Italy, Thunderkick has already taken steps to replicate this strategy. With the emergence of the promising Latin American markets, of which we have recently launched in Mexico with Rushbet and Colombia with Luckia, Thunderkick has taken steps to appoint a Spanish-speaking Account Manager, Ariadna Ölund.
Ariadna will contribute to forming relationships and tailoring our approach in the established Spanish market, as well as across the Atlantic in Latin America. It is difficult to predict where the next hub of iGaming will be, and therefore it is vital to remain flexible and build a diverse team with expertise across global markets.
Latest News
BETBY IMPROVES BETTING EXPERIENCE WITH THE LAUNCH OF UPDATED BET BUILDER
BETBY, a leading sports betting provider, has unveiled an upgraded version of its Bet Builder feature, aimed at enhancing the experience for sports betting enthusiasts worldwide.
The Bet Builder from BETBY allows users to effortlessly combine various markets within the same match, enabling them to create unique, personalized bets based on their own analysis and preferences.
What distinguishes BETBY’s Bet Builder is its exceptional flexibility. The latest version enables players to choose not only classic markets and common statistics like corners and bookings, which are common across all betting platforms, but also markets that depend on extensive statistical data. These include a range of options from offsides and shots on target to throw-ins and total shots at goal.
This enhanced flexibility allows players to combine multiple Bet Builder selections within a single match, spanning 11 sports, including four disciplines from esports.
Sergey Tsukanov, Chief Product Officer at BETBY, commented: “This development reflects our dedication to providing our partners with the Sportsbook features they need to enhance their offerings. Our updated Bet Builder not only enhances the player experience but also creates new revenue opportunities for operators by attracting a wider audience. We are committed to continuous improvement and innovation to ensure a unique and profitable experience for our partners.”
Latest News
Embark on a quest for treasures in Playson’s 3 Pirate Barrels: Hold and Win
Playson, the accomplished digital entertainment supplier, invites players on a thrilling voyage in its latest release 3 Pirate Barrels: Hold and Win.
Set against the backdrop of an atmospheric cove, Playson’s top-performing 3 Pots mechanic returns in this swashbuckling sea odyssey boasting huge in-game jackpots, a bountiful Bonus Game, exciting Pirate Coins and an Extra Coin Feature.
In this energetic adventure, six or more themed golden compass symbols trigger the Bonus Game where the player-favourite Hold and Win mechanic comes into play.
Whenever one or more Pirate Coins appear on the reels during the main game or free spins, there is an additional chance of triggering the Bonus Game with barrel features. Each barrel collects Pirate Coins of the same colour – green, red or blue. The combination of the barrels which have activated the Bonus Game determine the variety of features awarded.
The Extra Coin Feature electrifies gameplay by transforming the Extra Coin into a green, red or blue Pirate Coin at random. It will then either randomly activate an additional barrel feature or enhance the active one with an extra coin. Landing three pirate ship-themed Scatter symbols during base play triggers the Free Spins round where eight are awarded. Fortunate players who then secure a further three Scatter symbols are granted an additional eight spins maximising players chances of lavish wins.
Lucky slot enthusiasts can also scoop one of the game’s four fixed jackpots with Mini, Minor, Major and Grand Jackpots offering corresponding values worth up to a whopping x5,000.
3 Pirate Barrels: Hold and Win underlines Playson’s ability of elevating renowned game series with fresh and innovative features to keep players captivated worldwide.
Tamas Kusztos, CCO at Playson, said: “3 Pirate Barrels: Hold and Win offers a sea voyage like no other. Our Bonus Game with themed coins and barrels provides vast opportunities for grand wins with the Extra Coin feature further enhancing the title’s captivating nature.
“We are meticulous when we decide to release a new addition to a top-performing game family and remain confident our latest offering is a quest not to be missed.”
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