Increased profits for the casino and new competitors

The discussion in the Parliamentary Finance Committee during the examination of the draft law for the Budget of the Cyprus Gaming and Casino Supervision Authority for 2026 focused on the analysis of the risks faced by the casino sector, the strong economic performance of the Cypriot market, as well as the challenges posed by new international developments.

The budget, amounting to €3,682,388, is balanced, with the Authority noting an increase in operating expenses of 8.24%.

The President of the Authority, Pieris Houridis, emphasized that, as an independent authority, the main mission is the analysis and management of risk, noting that the financial data demonstrate "good performance of the casino", while on the contrary, the performance of the integrated casino-resort, which does not fall within the Authority's direct control responsibilities, is not within the targets that had been set.

According to the data presented, gross casino revenue for 2025 is estimated at €227 million, with an annual increase of around 20%, levels which – as noted – are considered high compared to other casino markets in Europe.

Mr. Houridis pointed out two important milestones that are expected to affect the Cypriot market in the next one to two years: the operation of the casino in Elliniko and the launch of a casino in the United Arab Emirates.

As he stated, there are operational plans to address these new competitive pressures, while he expressed the assessment that a potential casino expansion in Nicosia could limit the flow of players to the occupied territories, where, as noted, approximately 30 casinos operate.

Regarding the origin of the money, it was reported that the main markets of origin of players are, in order, Israel, Cyprus, the United Kingdom, Germany, Greece and Armenia, etc.

Particular emphasis was also placed on the responsible gambling component, with Mr. Houridis stating that 10% of the relevant resources are channeled into programs to prevent and address problem gambling, in collaboration with the Gaming Authority and the Addictions Authority.

As he stated, the programs are "paying off", while the goal is to increase access to support mechanisms for vulnerable groups.

In the same context, reference was made to the work of the "Faros" Foundation, to which, as noted, all relevant funds are directed for the operation of gambling addiction recovery programs.

Regarding the institutional future of the Authority, the President stated that there is an open spirit of dialogue for a possible merger with the National Betting Authority or other competent authorities, clarifying, however, that it should be examined how and in what form such a venture could develop.

Source: stockwatch.com.cy

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