Cyprus-licensed online sports betting operators already had a solid leg up on their land-based counterparts before the government suspended retail operations due to COVID-19.

Figures released last month by the National Betting Authority (NBA) of the Republic of Cyprus show locally licensed bookmakers handled wagers totaling €215.5m in the final quarter of 2019, a rise of 21% over the final three months of 2018. Total betting revenue rose 15% year-on-year to just under €27m.

The six so-called Class A (retail) bookies accounted for just under €86.4m (40%) of Q4’s total handle, essentially flat year-on-year. Retail betting revenue rose 2% to €16.8m, representing around 62% of total Q4 revenue.

The nine Class B (online) bookmakers saw their handle shoot up 39% year-on-year to nearly €129.2m, while revenue shot up 45% to €10.15m. The phenomenon of handling significantly more wagers but reaping less revenue than retail bookies is largely attributable to the online bookies’ need to offer bonuses and other incentives, as retail bookies don’t have to compete with internationally licensed competitors.