Plenary green lights increasing clubs' revenue from betting

14:27 - 12 December 2024

Economy Reporter

A bill to increase the contribution on net earnings from betting, with the aim of supporting football clubs, has been passed by the Plenary of the Parliament with votes of 27 in favour and 25 against with 54 MPs present for the vote.

In the context of increasing revenues from betting, and with the aim of investing in sports and the healthy involvement of young people and sports in general, the Parliament approved the increase in the contribution paid from net earnings from betting with the aim of further supporting clubs and their academies.

Now, the contribution on net betting earnings paid to the National Betting Authority by licensed recipients will be increased by 1.5% and this increase will be distributed to the Cyprus Sports Organisation, which in turn will allocate it to the Cyprus Football Association, for the purposes of supporting football clubs of various categories and their academies.

It is noted that an amendment was approved to increase the contribution on the net earnings from betting to other sports clubs, in addition to football clubs.

Also read: Finance Ministry tables bill to increase levy on betting revenues

Plenary green lights increasing clubs' revenue from betting

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