Gambling industry benefitting Cyprus
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The value of the local gambling industry in Cyprus more than doubled over the course of five years from 2016. It accounts for 2.98% of annual gross domestic product. Online and land-based forms of gambling were responsible for 0.99% in 2016 and are expected to hit 3.44% for 2019.
Gambling contribution to Cyprus fell to 2.98% last year, but it's still a vital source of revenues for the Cypriot government.
Ioanna Fiakkou is the President for the National Betting Authority. She believes security in the gambling sector is more important than ever.
Fiakkou's body is concerned about the growth of the gambling industry in Cyprus. She wants to introduce a 'safe play' approach and introduce measures to increase operators' social responsibility commitments. Providers with the implementation of this standard will be required to be certified with highest criteria for the safety of players and the sustainable development of sector.
The National Betting Authority intends to roll out a universal self-exclusion platform that will allow local punters to indefinitely exempt themselves from any form of online and land-based gambling.
Constantinos Petrides is the Finance Minister for Cyprus. He praised the development of the gambling industry in Cyprus as one of its pillars of economic growth. The National Betting Authority is responsible for protecting players and preventing illegal activities.
