Cyprus-licensed sports betting operators posted improved revenue despite declines in wagering handle during the third quarter, with online bookmakers significantly outperforming their retail rivals.

Figures released this week by the Republic of Cyprus’ National Betting Authority (NBA) show locally licensed online and land-based bookmakers handled wagers worth €170.8m in the three months ending September 30, a 10% decline from the same period last year. However, betting revenue jumped 13% year-on-year to €24.9m.

The revenue gain was entirely due to the country’s nine ‘Class B’ online bookmakers, which reported their take rising an impressive 47% to €10.8m, despite online betting handle falling 11% year-on-year to €105.65m.

In stark contrast stood the NBA’s six ‘Class A’ retail bookmakers, which reported Q3 handle falling 10% to €65.14m and revenue down 4% to slightly over €14m. Like most retail operations, the NBA’s land-based betting operators were required to shut down for a time this spring due to COVID-19, but their operations were open for the full Q3.