NICOSIA – With Cyprus eagerly awaiting the full opening of the the $630 million Melco International Casino – a Hong Kong company – this summer, gambling and betting is already jumping, so much that curbs are going to be put in place.
The National Betting Authority (NBA) said the total Gross Gaming Revenue (GGR) for 2022 hit 959.55 million euros ($1.028 billion) and simultaneously advised that stricter controls are needed, said Casino.org.
Gambling saw a 22 percent jump in revenues as the COVID-19 pandemic waned and health measures were eased to bring in tourists, with temporary satellite casinos operating in anticipation of the City of Dreams opening.
The 2022 revenue was 3.55 percent of the country’s Gross Domestic Product (GDP,) an important chunk of cash, and representing a 400 percent increase from six years previous, the site said.
That provided the government with 11.75 million euros ($12.58 million) just in taxes but despite the critical cash coming in the government is set to offer programs to deal with excessive gambling and addiction, the report said.
That will include anyone who receives financial assistance from the government being excluded from gambling although it wasn’t said if that includes the lottery that many compulsive gamblers can’t resist.