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Cyprus Betting Industry Sees Remarkable Growth in Q3 2023 Amidst Challenges



Cyprus’ Betting Sector Hits New Highs in Q3 2023 Amidst Evolving Market Dynamics

The third quarter of 2023 has marked a period of significant growth for the Cyprus betting industry, as reported by the National Betting Authority. The sector demonstrated a robust and consistent rise in revenues, outpacing previous years’ performance. This growth is a clear indicator of the industry’s resilience and adaptability in a dynamic regulatory environment.

Stellar Performance in Gross Betting Revenue

The betting sector in Cyprus has witnessed an impressive surge in its financial outcomes for Q3 2023. The total gross betting revenue for Class A (land-based betting) and Class B (online betting) soared to €259.44 million. This 9% increase from Q3 2022 and a striking 35% jump from Q3 2021 underline the sector’s vigorous expansion.

Analysis of Class A and Class B Revenues

Diving deeper into the figures, Class A establishments contributed €70.94 million to the gross revenue, marking significant year-over-year growth. Class B platforms, encompassing online betting, dominated with €188.50 million in revenue. This figure represents a 9% increase from Q3 2022 and a notable 41% rise from Q3 2021, reflecting the growing preference for online betting among consumers.

Profits and Earnings: A Mixed Picture

The period also saw a healthy growth in profits for both Class A and B players, totaling €232.01 million. However, the overall betting earnings depicted a different scenario, with an 8% decline from the previous year. This decrease, particularly pronounced in Class A betting receipts, indicates shifting consumer behavior and market dynamics.


The Changing Landscape of Class A Properties

The number of Class A properties in Cyprus experienced a slight decrease, reflecting a trend of consolidation in the land-based betting sector. Despite this, the employment in these establishments showed a 3% increase, suggesting a stable job market within the industry.

Addressing Illegal Betting and Regulatory Challenges

The report also shed light on the ongoing efforts to combat illegal betting. A 2% increase in blocked websites indicates the Authority’s proactive stance against unregulated betting activities. With 18,577 prohibited betting service websites, the regulatory body remains vigilant in maintaining a fair and legal betting environment.


The Q3 2023 report from the Cyprus National Betting Authority presents a picture of a burgeoning betting industry, marked by significant revenue growth and strategic adaptations. While challenges such as illegal betting and regulatory changes persist, the industry’s overall performance and resilience signal a promising future for both online and land-based betting sectors in Cyprus.


Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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FDJ’s Acquisition of Kindred Group Shaping the Future of Global Gaming



FDJ’s acquisition of Kindred Group, facilitated by regulatory approval and strategic shareholder engagement, signifies a transformative moment in the gaming industry. This deal exemplifies the intricate balance between regulatory compliance, shareholder value, and strategic growth ambitions. As the industry stands at the cusp of further consolidation and innovation, the FDJ-Kindred transaction heralds a new era of strategic realignment and competitive positioning in the global gaming landscape.

A Monumental Shift in Gaming Dynamics

The Swedish Financial Market Supervisory Authority (SFSA)‘s approval of Française des Jeux’s (FDJ) offer to acquire Kindred Group marks a pivotal moment in the global gaming and betting sector. This green light not only accelerates FDJ’s strategic expansion but also underscores the evolving landscape of international gaming regulations and corporate alignments.

Navigating Regulatory Waters

The SFSA’s endorsement is a crucial step in FDJ’s ambitious acquisition plan, setting the stage for a public offer slated to commence imminently. This regulatory approval highlights the meticulous scrutiny and compliance standards governing mergers and acquisitions within the sector, ensuring that such transactions align with market stability and shareholder interests.

A Call to Action for Kindred Shareholders

The forthcoming Extraordinary General Meeting (EGM) represents a critical juncture for Kindred Group, with proposed statutory amendments necessary for facilitating the acquisition. This meeting, aimed at achieving the requisite shareholder consensus, signals the importance of shareholder engagement in steering corporate direction and strategy.


The Path to Acquisition: Shareholder Conviction and Strategic Vision

FDJ’s pursuit of Kindred Group, contingent upon securing 90% of total capital, reflects a strategic maneuver to consolidate its position in the global gaming market. The offer per share, valuing Kindred at approximately €2.6 billion, has garnered unanimous board endorsement and significant shareholder backing, illustrating the alignment of strategic interests and the perceived value of this consolidation.

Activist Influence and Strategic Realignment

The role of activist shareholders, notably Corvex Management, in advocating for Kindred’s sale underscores the dynamic interplay between corporate governance and shareholder activism. Their successful campaign for board representation and strategic evaluation reflects a broader trend of active investor engagement in shaping corporate trajectories.

Implications for the Global Gaming Industry

This acquisition not only exemplifies the financial and strategic considerations underpinning such deals but also highlights the regulatory complexities and shareholder dynamics involved. As the gaming industry continues to evolve, driven by technological advancements and regulatory changes, the FDJ-Kindred merger serves as a case study in strategic growth, market consolidation, and the pursuit of competitive advantage.


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