According to the latest financial news, the gambling industry in Cyprus continues to generate revenue despite the negative consequences of the pandemic.
The recent figures showed that the market could generate 3.4% of the gross domestic product value in 2019. This tendency was kept in 2020 as the gaming sector remained at three percent of GDP, notwithstanding the economic difficulties caused by COVID-19. This was a triple increment in comparison to 2016’s one percent. Such a contribution to GDP is the result of solid GGR.
Ioanna Fiakkou, the head of the National Betting Authority, has provided the data and commented on them, saying that safe gambling remains the priority for the body and the industry taken as whole. Operators should focus on their responsibilities to ensure a safer gambling experience. The chairwoman has emphasized that the pandemic has had a considerable influence on the revenue generated by the market, but the financial results also prove the effectiveness of current regulations. She has confirmed that the Authority is developing a self-exclusion system that will be adopted by companies, which comply with all the requirements.
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