Finance Ministry tables bill to increase levy on betting revenues

09:55 - 12 December 2024

Economy

The Ministry of Finance announced that it has submitted a bill to the House of Representatives to calling to increase the levy on net betting revenues.

"In the context of increasing revenues derived from betting and with the aim of investing in sports and promoting healthy engagement among youth and sports in general, the Ministry of Finance has deemed it appropriate to increase the levy paid on net betting revenues," it said. "This initiative aims to further support sports clubs and their academies."

To this end, the ministry said the bill it has submitted to the House amends the Betting Laws of 2019 and 2020, so that the levy on net betting revenues paid to the National Betting Authority by licensed recipients will increase by 1.5%. This additional amount will be allocated to the Cyprus Sports Organisation, which will, in turn, distribute it to the Cyprus Football Association to strengthen football clubs across various divisions and their academies.

It is important to note that regardless of the passage of this bill into law, the 2023 Debt Repayment Plan for First Division Clubs/Companies remains in force. The obligations of the clubs/companies remain unchanged, and they are expected to meet these obligations to avoid further undesirable consequences, the ministry said. "No debts owed to the state will be written off," it stressed.

The ministry urged lawmakers to pass the bill through. "With a comprehensive plan, this will help sustain football clubs and ensure the continued promotion of healthy sports practices in the Republic," it concluded.

Finance Ministry tables bill to increase levy on betting revenues

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