April 17, 2024

IT Industry Growth In Cyprus For The Last 5 Years

5 min read
IT Industry

From cutting-edge start-ups to established brands: Cypriot gaming companies have taken various approaches to innovations in the IT sector. Thanks to their unique ideas, entryways, quality software, growth strategy, management, and social footprint, the island’s gambling sector has grown by leaps and bounds over the past 5 years. Everything is very simple – you go to the casino Cyprus online and choose slots for real money, as well as the usual demo versions for training and learning nuances. For example, many popular slots can be played for free without registering on the casino website. Naturally, when it comes to the latter case, it is not possible to get real cash winnings. However, you can get the experience, lots of emotions, excitement, and drive.

Main Reasons for the Development of Gambling Business in Cyprus

Cyprus is now considered an ideal technological center for companies looking to start their gambling business. Recently, tourists come to the island not only for the delightful scenery, sunny beaches, and noisy discos.  Cyprus has gradually transformed itself from a holiday resort into a modern hub of gaming and gambling, where every other person doesn’t mind visiting a casino and testing their luck. Why is it so? There are several good reasons:

  • significant investments in innovation and technological development;
  • Cyprus’ attractive environment and opportunities have prompted international game development companies to move their headquarters to the island;
  • the EU gaming market accounts for one-third of the total market value and has a high growth rate compared to other sectors of the economy;
  • the headquarters of global software development giants such as Outfit7, Melsoft, and Nexters are located in Cyprus;
  • it was here that important video games were created, which influenced the cultural life not only of Cyprus but also of the whole world.
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According to a report by the European Federation of Interactive Software and the European Federation of Game Developers, the popularity of the video game sector on the island has increased dramatically. Revenue from the video game industry keeps increasing every year.

YearIncrease in gross revenue
The first half of 2020.31.5%
The second half of 2020.44.1%
The first half of 2021.87.96%

Compared to 2020, the gross income of betting shops in Cyprus has increased by $179.1 million. The budget received $14.1 million by the end of 2021. Information is provided by Kathimerini Cyprus.

New Opportunities for Gamers

Today’s gamers are used to exploring realistic three-dimensional landscapes and interacting with hundreds or thousands of other players in real-time, unlike the simple and blocky sprites that many of us adored as children. The infrastructure created by software developers to achieve this goal is based on advanced technologies ranging from ultra-fast 5G and cloud networks to super-powered computers. According to researchers in the gambling industry and leading analysts, the most exciting and important trends affecting the rapidly changing world of gaming in the past few years have been driving the industry, and more resources are being invested in the future of cloud streaming.

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Virtual reality in online casinos easily provides some of the most immersive gambling experiences. For the past few years, the idea of expanding gaming worlds to other forms of entertainment, such as music concerts or branded marketing “pop-ups,” has certainly had a big impact on the gaming industry and culture in Cyprus. However, all records have been broken by the growing trend of “have fun to make money” games. They reward gamers with cryptocurrencies for participating in daily play. And finally, when it comes to European Games, cyber sports occupy an important niche. This proves that gambling has really turned into a spectator sport, and both the number of professional players and the size of the prize pools are expected to grow rapidly.

Casinos in Cyprus: Growth and Development

Let’s start with an overview of the industry. It is assumed that the casino itself is a great market opportunity. The gambling industry in Cyprus attracts different segments of society by its freedom to spend as little money as possible. But still, what is the secret of online gambling’s success and its impact on the economy? There are several important questions regarding this matter:

  1.  For many people, online gambling brings certain freedom. In this case, they are not restricted by a certain amount of money and the rules that are found in real casinos. It is safe to say that casino licensing has created the infrastructure to create a favorable environment for the industry.
  2. Local laws give gambling service providers the exclusive right to operate and control high-profit gambling services. Thus, online gambling has a positive impact on the economy.
  3. If you want to build a brand in gambling, you can do so by focusing on one well-regulated sector, such as sports betting. As of today, 9 providers, including Bet365, Winmasters, and Parimatch, are fully licensed to operate in the betting sector of Cyprus.
  4. The online gambling industry has seen major changes in its key markets in Cyprus in recent years. In particular, the five-year period has indicated an upward shift in revenue growth in the gambling market.
  5. Online casinos require an online gambling license. This is an indication of the simplicity of the business and the security of the gambling software.
  6. The National Gaming and Casino Supervisory Board is responsible for the regulation of casino activities under the Casino Regulations of 2015. Authorized consortia now have a 16-year monopoly on traditional casino gambling.
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Cyprus’ gambling industry is the best opportunity for networking and business promotion through targeted content and dynamic exhibitions. Moreover, Cyprus is the way to become the center of the offline and online gambling industry. Gambling in Cyprus offers interactive networking events, an extensive educational program, streams of industry conferences, and an impressive exhibition floor. In addition, Cyprus has become a regional gambling hub that has licensed online casino games and betting exchanges. Thanks to this, many people today gamble with millions of dollars.

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