Cyprus Sports Betting GGR Jumps 24% in Q2 as Wagers Reach €329.8m

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Altay Celikkaya

Content Manager

Updated: 22/10/26

Reading Time: 3 minutes

Cyprus recorded double-digit growth in sports betting activity during the second quarter of 2026, with operator revenue increasing more than twice as fast as total wagering volume. Cyprus’ regulated sports betting market generated €46.9 million in gross gaming revenue (GGR) in the second quarter of 2026, up 24% from the same period last year.

According to figures published by the National Betting Authority (NBA) on 20 October, total wagers reached €329.8 million between April and June, up 11% from €298.1 million in Q2 2025. Both online and retail betting recorded growth, although the digital segment continued to account for most wagering activity.

Cyprus flag and National Betting Authority logo highlight Q2 2026 sports betting growth.

Markets & Regions

Key Takeaways From Cyprus' Q2 2026 Betting Results

Total sports betting wagers increased 11% year on year to €329.8 million.
Gross gaming revenue rose 24% to €46.9 million, outpacing wagering growth.
Online betting wagers climbed 13% to €252.3 million, compared with €77.5 million through retail channels.
Online betting GGR increased 27% to €30.2 million, while retail GGR rose 18% to €16.7 million.
Cyprus added 245 illegal betting websites to its blocking list, bringing the total to 22,660.

Online Betting Drives Cyprus' Market Growth

The National Betting Authority’s official Q2 announcement shows that Class B operators, which provide online betting services, accepted €252.3 million in wagers during the quarter.

This was up 13% from Q2 2025 and 19% from the same period in 2024. Online betting accounted for approximately 76.5% of the market’s total wagering volume, underlining the sector’s reliance on digital channels.

Class B operators generated €30.2 million in GGR, up 27% year on year. The results reflect a wider trend across European gambling markets, where digital betting continues to expand. In Greece, online gambling revenue rose 18.7% in the first half of 2026, driving most of the country’s overall market growth.

However, the Greek figures cover a broader range of online gambling products, while Cyprus’ quarterly report focuses specifically on regulated sports betting.

Betting Revenue Grows Faster Than Wagering Activity

One of the quarter’s most notable developments was the difference between wagering growth and operator revenue. Although total wagers increased 11%, GGR climbed 24%, from €37.9 million to €46.9 million.

Based on the published figures, the market’s overall hold increased from approximately 12.7% to 14.2%. This indicates operators retained a larger share of wagers after paying out customer winnings. However, the regulator did not identify specific sporting results or operational changes responsible for the higher margin.

Retail betting also maintained positive momentum. Class A operators accepted €77.5 million in wagers, up 5%, while their GGR increased 18% to €16.7 million.

The contrast between wagering and revenue growth resembles patterns observed in other European markets. For example, France’s first-half 2026 gambling report highlighted performance differences between digital and established gambling operations.

Retail Betting Network Remains Stable

Cyprus recorded 461 licensed retail betting premises during Q2, broadly unchanged from the corresponding period in 2025. The sector employed 1,584 people, representing a 10% annual increase.

The number of licensed operators remained unchanged from the previous quarter: six Class A operators and 13 Class B operators. These figures suggest retail betting maintained its physical presence despite online platforms accounting for most wagering activity.

Cyprus Adds 245 Illegal Betting Sites to Blocking List

Alongside the financial results, the NBA reported further action against unlicensed betting websites. In Q2 2026, the NBA added another 245 illegal websites to its blocking list, bringing the total to 22,660. This figure represents a 5% increase from the same period in 2025.

The regulator’s enforcement activity follows earlier efforts to strengthen licensing oversight. Ace Alliance previously reported that Cyprus was considering licence suspensions over suspected links to organised crime.

For licensed operators and B2B suppliers, the latest figures show a market where online betting growth is matched by ongoing regulatory action against unlicensed competition.