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Cyprus Gambling & Gaming Payment Gateway
Cyprus is a relatively newcomer to the online gaming scene. The eastern Mediterranean island only legalised internet gambling in 2016, and licences are only available for sports gambling (online casinos and games of chance are still illegal). Nonetheless, Online sports gambling has become popular in Cyprus and appears to have a promising future.
CYPRUS'S ONLINE GAMBLING STATISTICS For online gambling companies wanting to expand their market share, Cyprus is a popular choice. Our analysis of Cyprus's online gaming statistics provides a picture of a vibrant business.
CYPRUS'S GAMING MARKET SIZE
" In 2020, the online handle for sports gambling firms in Cyprus was 65.3 million euro, with 6.6 million euro in income. This was much lower than in 2019, when the handle was 129.2 million euro and revenue was 10.15 million euro. "
Despite the fact that handling was much lower during the coronavirus epidemic, income was greater than in previous years as a percentage of handle. In the long run, since this activity was legalised in 2016, the average profit margin of online gambling operators in Cyprus has been around 7%.
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" The average online sports gambling business in Cyprus has 536.7 million euro in handling and 70.3 million euro in gross revenue. "
If you're considering starting an online gaming business in Cyprus, it's important to analyse the local market. Other than acquiring a payment gateway for your gambling business is also important. Gambling Merchant Accounts ensure that payment transactions for gambling businesses or merchants are flexible and convenient, allowing the company to flourish. Merchant accounts enable commercial transactions by providing businesses with an effective payment gateway that allows them to adapt to their changing business needs. Businesses also want them to stabilise and optimise payment transactions while also making them safe so that no third parties are
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FUNCTIONALITY OF THE GAMBLING MERCHANT ACCOUNT
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