Cyprus casino revenue hits €227 million amid competition from Greece and UAE

MPs examining the Cyprus Gaming and Casino Supervision Commission’s 2026 budget on Monday highlighted a surge in casino revenues alongside mounting competitive risks from Greece and the Middle East.

The authority’s budget for 2026 amounts to €3.68 million and is balanced, with operating expenses rising by 8.24 per cent, officials told MPs.

Chairman Pieris Chourides said the authority’s core role, as an independent regulator, is the analysis and management of risk, noting that financial data show “good performance of the casino”.

By contrast, he said, the performance of the integrated casino-resort, which does not fall under the authority’s direct regulatory remit, is below the targets that had been set.

According to figures presented to the committee, gross casino revenues in 2025 are estimated at €227 million, an annual increase of around 20 per cent, levels which Chourides described as high by European standards.

Turning to future risks, Chourides identified two developments expected to affect the Cypriot market over the next one to two years, the opening of the casino at Elliniko in Greece and the launch of a casino in the United Arab Emirates (UAE).

While operational plans are in place to address the increased competition, he said the authority is closely monitoring how these markets evolve.

In parallel, attention was drawn to competition from the occupied areas. Chourides told MPs that around 30 casinos currently operate in the occupied territories, with another 30 expected to open over the next three years, adding that this represents a structural challenge for the republic’s market.

Against that backdrop, he said an expansion of the satellite casino in Nicosia could help limit the outflow of players north.

The existing casino, he noted, is limited in size and gaming tables, which may partly explain why some players choose casinos in the occupied areas.

Executive Director Harris Tsangarides echoed that view, telling MPs that the Nicosia casino cannot offer the experience and luxury of the Limassol integrated resort.

“The global trend in casinos is experience,” he said.

On player profiles, officials said the main markets of origin are Israel, Cyprus, the United Kingdom, Germany, Greece and Armenia, while the largest share of casino revenue comes from players from Israel, Cyprus, Lebanon and the UAE.

Particular emphasis was placed on responsible gambling, with Houridis saying that 10 per cent of relevant funds are channelled into prevention and treatment programmes, in cooperation with the Gaming Authority and the Addictions authority.

The programmes, he said, are “paying off”, while the aim is to expand access for vulnerable groups.

In this context, reference was made to the Faros Foundation, which receives all funds allocated for gambling addiction programmes.

Houridis also warned about the growth of illegal online casinos, describing it as a rising concern. He said the Authority has held contacts with technology firms offering software that can block gambling on mobile phones, as part of broader prevention efforts.

“We are cooperating with the gaming line and the addiction line,” he said, adding that the authority aims to strengthen programmes by ensuring the availability of trained specialists and psychologists, so that those who feel vulnerable can more easily access support.

On the authority’s institutional future, Chourides said there is an open dialogue on a possible merger with the National Betting Authority (NBA) or other regulators, while stressing that the form and feasibility of such a move would need careful examination.

He also referred to preparations for a bill on payment changes, saying that “we have done the measurements”, adding that casino performance is strong, while resort performance remains “mediocre”, emphasising that the authority’s remit covers the casino only.