The period from late 2023 through mid-2025 has seen significant activity in Cyprus’s iGaming and gambling industry. Major companies expanded operations and forged partnerships, new regulations were introduced (and even revised), and the market continued its robust growth. The following is a comprehensive overview of key developments, including company expansions, regulatory updates, and market performance, with each major event sourced from original news articles or press releases for verification.
DreamPlay Expands to Cyprus with New Office & Campus
In April 2025, – an international iGaming solutions provider – opened a new office and “Google-style” development campus in Limassol, Cyprus . The Limassol campus is part of DreamPlay’s global network of hubs and was established to tap into Cyprus’s status as a growing European center of iGaming talent and infrastructure. The company’s CEO Alex Tkach described the philosophy behind these campuses as creating an environment where developers can focus on creativity while the company handles everyday logistics. The Cyprus expansion signals DreamPlay’s ambitions to become a global trendsetter in iGaming, leveraging the island as a springboard into new markets and partnerships eegaming.org.
Soft2Bet’s Growth and Industry Recognition
Cyprus-based Soft2Bet – a leading iGaming platform and operator group – recorded notable growth and garnered industry accolades during this period. In 2024, Soft2Bet’s brands achieved remarkable performance gains: for example, its sportsbook/casino brand Betinia saw a 148% increase in Gross Gaming Revenue (GGR) in 2024, while another brand, Campobet, grew GGR by 54% yogonet.com. Player engagement and retention also climbed sharply (Campobet’s active user retention up 128%, Betinia’s up 106%), thanks in part to Soft2Bet’s proprietary gamification platform “MEGA”.
This strong performance was accompanied by industry recognition. Soft2Bet and its brands collectively received 12 nominations at the EGR Marketing & Innovation Awards 2025, spanning categories from Best Native App to Brand of the Year. The company’s focus on customer-centric growth and innovation was highlighted by executives as the driver behind these honors. Soft2Bet also expanded its footprint by launching new operations in additional markets – for instance, rolling out a new brand in Greece in early 2025 – underscoring its strategy of growth across Europe and beyond soft2bet.com. (Notably, Soft2Bet’s corporate headquarters and a substantial part of its team are based in Nicosia, Cyprus, positioning Cyprus as a crucial hub for its global operations.)
GR8 Tech (Parimatch Tech) Reaches New Milestones
Limassol-based GR8 Tech – formerly known as Parimatch Tech – emerged as a prominent B2B iGaming platform provider in this period, achieving significant growth. After rebranding in early 2023 to focus on B2B solutions, GR8 Tech reported a 25% year-on-year increase in turnover for 2024 sigma.world. The company scaled up its platform capabilities dramatically, handling over 12.4 billion bets in 2024 (a 125% increase from the prior year), and introduced around 200 new platform features and improvements over the year. This translated into the ability to reliably process peak loads – for example, tens of thousands of bets per second during major events – showcasing GR8 Tech’s high-performance infrastructure.
GR8 Tech’s growth was not just financial but also reputational. In February 2025, it was recognized as the “Best iGaming Platform in Europe 2025” by International Investor Magazine, which lauded the company’s innovations in sportsbook and casino technology gr8.tech. According to the award citation, GR8 Tech’s platform offers extensive customization and uses AI-driven features to enhance operator profitability and player engagement. Over the past year, GR8 Tech added over 40 new clients and now powers 50+ operator brands worldwide, contributing to a 40+operating projects and reinforcing Cyprus’s role as a base for cutting-edge iGaming technology.
1xBet Garners Global Awards and Partnerships
1xBet, a global online bookmaker with corporate ties to Cyprus, experienced a series of high-profile successes from 2024 into 2025. The operator strengthened its industry position through new partnerships and was honored with multiple international awards in 2024. Notably, 1xBet was recognized as the “Digital Sports Betting Operator of the Year” at the Global Gaming Awards Asia-Pacific 2024 ggrasia.com. The company also clinched the title of “Best Affiliate Program 2024” at the SiGMA Asia Awards held in Manila, reflecting the strength of its affiliate network and marketing.
These accolades came alongside strategic partnership deals that broadened 1xBet’s reach. For example, in the esports realm, 1xBet partnered with teams like The MongolZ, celebrating their 10th anniversary, and leveraged such collaborations to boost its brand in emerging markets linkedin.com. The company’s visibility in global sports also remained high through sponsorships (1xBet’s brand has appeared on jerseys and as an official betting partner for top-tier football clubs and leagues in recent years). Overall, the late 2023–2025 period saw 1xBet solidifying its reputation as a major international betting operator – one that is formally registered in Cyprus and expanding globally, while weathering challenges and leadership changes behind the scenes.
Xace Strengthens EU Presence with Cyprus Expansion
Fintech firm Xace, which provides digital payment accounts for high-growth sectors like iGaming, made a strategic move into Cyprus in 2025. Xace opened a new office in Limassol as part of its European expansion, aiming to better serve the many iGaming companies operating out of Cyprus xace.io. According to Xace’s May 2025 announcement, the company already had an established team on the ground and will scale up throughout 2025 with a focus on client services and relationship management..
“Expanding into Cyprus is a natural progression for Xace as we scale our regulated services across Europe. Cyprus is home to a number of our core clients and partners, and this new location allows us to work even more closely with them,” said Xace Group CEO David Hodkinson.
By situating in Cyprus, Xace can align with EU regulations and be in closer proximity to key iGaming customers in the region. The new Cyprus office will support multi-currency accounts, virtual IBANs, and cross-border payments for gaming and fintech clients, at a time when demand for compliant payment solutions is rising (especially with new EU frameworks like MiCA for crypto on the horizon). This move underscores Cyprus’s role as a fintech and online gambling hub in Europe, attracting service providers that support the industry’s financial infrastructure.
Novibet Forges Partnerships and Draws Major Investment
Novibet, an online betting and casino operator active in Cyprus and other markets, also saw pivotal developments during this period. In late 2024, it was announced that Allwyn International, the European lottery giant, agreed to acquire a 51% stake in Novibet’s parent company for an initial €217 million, with potential earn-outs pushing the deal higher igamingbusiness.com. The transaction, revealed on December 30, 2024, is expected to close in the second half of 2025 (pending approvals) and will bring Novibet under the umbrella of Allwyn’s expanding interactive gaming portfolio. Novibet, which has over 1,000 employees and operates in markets including Cyprus, Greece, Ireland, Brazil, and Mexico, will continue to run under its existing brand and management post-acquisition. Allwyn’s investment is poised to bolster Novibet’s technology and international expansion, with both companies highlighting the “substantial innovation potential” of the tie-up in online sports betting and iGaming..
On the partnerships front, Novibet leveraged high-profile sports deals to boost its brand in Cyprus and the region. The company became the official betting partner of the NBA in Greece and Cyprus, a partnership that by 2024 led to on-the-ground events like bringing the NBA Championship Trophy to Athens and organizing a “3on3 Road to Glory” basketball tournament for fans corporate.novibet.com. Novibet also teamed up with fintech provider OKTO to introduce a cashless payment solution called NoviCash, first in Greece with plans for a Cyprus rollout, aiming to modernize the deposit-and-withdrawal experience for players yogonet.com. These initiatives indicate Novibet’s strategy of combining product innovation and marketing partnerships to strengthen its position in the Cypriot and regional market, while the Allwyn deal signals confidence in Novibet’s growth trajectory through 2025.
Melco’s City of Dreams Mediterranean Boosts Casino Sector
Inside the City of Dreams Mediterranean casino resort in Limassol – Europe’s largest integrated casino resort, which opened in mid-2023.
The island’s land-based casino industry was transformed with the opening of City of Dreams Mediterranean in 2023, and it continued to make waves into 2024-2025. Operated by Melco Resorts & Entertainment, City of Dreams Mediterranean (CoDM) is Europe’s first integrated resort – a €600+ million project featuring a luxury hotel, expansive casino, entertainment venues, and more reuters.comreuters.com. The resort in Limassol held its grand opening on July 10, 2023 cyprus-mail.com, with Melco’s CEO Lawrence Ho touting it as a venture that would “unlock new markets” for Cyprus tourism and iGaming, potentially attracting 300,000 additional visitors annually. With a casino gaming area larger than a football field (making it the largest casino in Europe by floor size), City of Dreams Mediterranean instantly became a flagship attraction for both tourists and high-stakes players.
By late 2024, Melco indicated the Cyprus resort was performing well. Despite regional challenges (such as geopolitical tensions), City of Dreams Mediterranean and its affiliated satellite casinos in Cyprus delivered solid results, contributing to Melco’s post-pandemic recovery globenewswire.com. In a February 2025 earnings release, Melco noted that CoDM had a positive EBITDA contribution and robust visitation, even as the company ramped up staffing and operations to full capacity. The resort’s presence also drove regulatory adjustments (discussed below) as Cyprus seeks to balance casino growth with compliance. Overall, Melco’s successful launch and operation of CoDM marked a new era for Cyprus’s gaming sector, anchoring the high-end casino market on the island.
Regulatory Updates Impacting Cyprus iGaming
The late 2023–2025 period saw important regulatory and legislative actions in Cyprus affecting the gambling and iGaming sector:
- Cash Transaction Limits and Casino Exemption: In December 2023, Cyprus implemented a blanket €10,000 cash transaction cap as part of anti-money laundering (AML) measures, applying to all businesses including casinos. However, by April 2025 lawmakers reversed course for the casino sector. The House of Representatives approved a controversial amendment exempting licensed casinos from the €10k cash limit, arguing that strict cash caps were driving high-roller gamblers to casinos in the northern (unregulated) part of the island yogonet.comyogonet.com. Proponents of the exemption, including members of centrist parties, emphasized the need to keep VIP gambling revenue in the Republic of Cyprus’s regulated economy. Opponents raised concerns about money laundering risks and potential EU criticism, noting that casinos are deemed high-risk entities under AML rules. Under the revised law, high-value cash visitors must now declare funds upon entry to Cyprus, and casinos must verify these declarations before accepting large cash buy-ins. This adjustment aims to boost the new integrated resort’s competitiveness vis-à-vis northern casinos, while maintaining some transparency safeguards.
- National Betting Authority (NBA) Initiatives: Cyprus’s National Betting Authority – which regulates online and retail sports betting (Class A and B licenses) – increased its oversight activities and continued rolling out responsible gaming programs. In 2024, the NBA significantly stepped up enforcement, conducting over 5,000 on-site inspections of licensed betting premises and issuing higher administrative fines (total fines jumped from about €44K in 2023 to €150K in 2024) cyprus-mail.com. The regulator’s 2025 budget earmarked funding for safe gambling initiatives, including €1 million for the “Safe Play” prevention program and partnerships with addiction treatment organizations. New staff hires and a planned €420K software upgrade in 2025 were also approved to strengthen the NBA’s supervisory capabilities and digital infrastructure. These moves underscore a regulatory focus on compliance and player protection alongside the industry’s growth.
- Casino Supervision and Responsible Gaming: The Cyprus Gaming and Casino Supervision Commission, which oversees the integrated resort and smaller satellite casinos, also outlined its actions and future plans in late 2024. The Commission emphasized its mandate to ensure casino games are conducted fairly and safely, and to mitigate any negative social impacts. It launched a Responsible Gaming Plan involving prevention, treatment support (in cooperation with the national Addiction Authority), and crackdowns on any illegal gambling. Public-awareness initiatives like a 1422 helpline and community partnerships are part of these efforts. This regulatory attention coincides with the opening of City of Dreams Mediterranean, reflecting authorities’ intent to keep problem gambling in check as the casino sector expands.
Market Performance: Strong Revenue Growth in Betting Sector
The Cyprus iGaming and betting market experienced robust growth through 2023 and 2024, reaching new record highs in revenue. According to the National Betting Authority’s reports, total gross betting revenue in 2023 exceeded €1.1 billion (combining both online betting and retail betting), a rise of 16% compared to 2022 knews.kathimerini.com.cy. This marked the first time Cyprus’s regulated betting sector crossed the €1 billion annual revenue milestone, confirming a dynamic post-pandemic growth trend.
Breaking down the numbers, online betting (Class B) has been the primary engine of growth. In Q4 2023, for example, online betting turnover was about €235 million out of a €325.6 million total that quarter. Across 2023, online betting revenues jumped 17% year-on-year, whereas land-based betting revenue also grew by 12% for the year. This double-digit expansion continued into 2024. During Q2 2024, gross betting revenue hit €287.8 million, up 12% from the same quarter a year prior cyprus-mail.com. Notably, online betting in Q2 2024 grew 15% year-on-year to €211.6 million (roughly three-quarters of the total market), while retail betting rose 6%. A similar pattern held in Q3 2024: total betting revenues reached €292 million, increasing 13% year-on-year, with online betting up 14% and retail up 9% cde.newscde.news.
This sustained growth has cemented the betting sector as a key contributor to Cyprus’s economy. The National Betting Authority highlighted that betting tax and fee revenues now make up a significant part of government revenue – for 2025, over €19 million in direct betting taxes and additional millions from licensing fees and levies (including from OPAP, the Greek lottery operator in Cyprus) are budgeted. The total player winnings have also climbed in tandem with revenues, indicating high engagement; for instance, players won back €255 million in Q3 2024 (a 10% increase year-on-year) while operators’ net commissions grew even more sharply by 34%, reflecting healthy margins. Meanwhile, the number of licensed betting shops has slightly decreased (down 3% in Q3 2024 vs a year prior), suggesting a potential consolidation or shift toward online channels.
In summary, the market data paints a picture of a rapidly expanding online betting market in Cyprus, with regulatory oversight trying to keep pace. The successful launch of a large-scale casino resort and the influx of iGaming companies indicate that the broader gambling sector (both online and land-based) is on a growth trajectory through mid-2025.
From new corporate entrants setting up shop in Cyprus to major deals and regulatory shifts, the late-2023 to mid-2025 era has been pivotal for the Cypriot iGaming sector. Cyprus has reinforced its role as a regional hub for online betting and fintech companies – exemplified by Soft2Bet’s achievements and Xace’s expansion – while also becoming home to world-class gaming infrastructure like Melco’s City of Dreams Mediterranean resort. Legislative updates, such as adjustments to cash transaction limits and strengthened responsible gaming measures, reveal a balancing act between fostering industry growth and maintaining strict compliance. Market performance indicators underscore a booming industry, particularly in online betting, which continues to grow at double-digit rates.
As 2025 progresses, all signs point to an increasingly mature and vibrant iGaming ecosystem in Cyprus, one that is attracting international investment, innovating through technology, and closely watched by regulators to ensure sustainable development. The developments of the past 18 months have laid a strong foundation, and stakeholders both in Cyprus and abroad are now looking to the future of iGaming on the island with optimism, armed with the lessons and momentum of this period of growth.
