Source: cyprus-mail.com
Despite the 8.4 per cent decline from the €360.1m recorded during the first three months of the year, total betting activity was still 11 per cent higher than the €298.1m reported in the corresponding quarter of 2025.
More importantly for operators, gross gaming revenue, which represents the amount retained after paying out player winnings, increased by 24 per cent year-on-year to €46.9m, compared with €37.9m a year earlier.
The figure was also higher than the €45.9m recorded in the previous quarter, meaning that bookmakers earned more from a smaller volume of bets.
As a result, the proportion of wagers retained by operators rose to approximately 14.2 per cent, compared with 12.7 per cent in the preceding quarter. These earnings do not represent net profits, as operating costs and other expenses have not been deducted.
The island ranked behind Croatia, which recorded 24.5 nights per inhabitant, and Malta, with 21.7, placing Cyprus among the EU countries where tourism activity is highest relative to the resident population.
Greece followed with 15.1 nights per inhabitant, while Austria recorded 14.6, the report added.
Across the EU, tourism intensity averaged 7.0 nights per resident in 2025, up from 6.7 in 2024.
At the other end of the scale, Romania recorded the lowest figure, at 1.6 nights per inhabitant, followed by Latvia at 2.7, and Poland and Slovakia, both at 2.9.
The figures come as the EU recorded 3.1 billion nights spent in tourist accommodation establishments in 2025, up 4.1 per cent from 3.0 billion in 2024.
Paphos hoteliers association president Evripides Loizides warned on Tuesday that immediate action was needed to strengthen the island’s promotion abroad, particularly as competition intensifies and uncertainty continues to weigh on holiday decisions.
Speaking to the Cyprus News Agency (CNA), Loizides said “the 2026 summer season had started strongly, only for the war and its wider consequences to disrupt demand and leave hotels facing considerable losses.”
As a result, hotel occupancy during the three summer months and through September was approximately 7 per cent lower than in the corresponding period of 2025.
However, he explained that “the difficulties facing the hotel industry extended beyond weaker demand, with increasing competition from short-term holiday rentals and accommodation in the occupied area, adding further pressure on established businesses.”
The meeting focused on the island’s growing role in European chess and plans to build on the progress made since Freedom became the general partner of the Cyprus Chess Federation in 2023.
“In three years, Cyprus has become one of Europe’s chess hubs, and we want to keep building on that,” Turlov said.
“It was important for us to present our plans for chess on the island to the President, and we are grateful for his time and attention to the game,” he added.
Turlov, who is also the founder and chief executive of Freedom Holding Corp, was elected FIDE president on September 26 at the federation’s congress in Samarkand.
Celebrated every year on October 20, European Statistics Day aims to raise awareness of the role official statistics play in understanding the economy and society, the CBC said in an announcement.
The bank stated that statistics also help provide a clearer picture of the complexity of the world, with figures encountered in everyday life covering everything from interest rates on loans and deposits to card payments, investments and external transactions.
“These numbers are not just data, they are information that helps citizens, businesses and decision-makers make informed decisions,” the CBC said.
Speaking at the 10th Annual Capital Link International Shipping Forum in Pudong on Tuesday, October 20, Hadjimanolis joined Greek Maritime Affairs Minister Vassilis Kikilias for a ministerial discussion on the challenges facing global shipping, from investment and regulation to decarbonisation.
With shipowners facing growing pressure to modernise their fleets, she stressed that governments must provide the certainty businesses need to make long-term investment decisions.
“In today’s changing maritime landscape, competitiveness depends on stability, predictability and the ability to adapt,” Hadjimanolis said, adding that “Cyprus is committed to providing a reliable business environment that supports investment and long-term growth.”
The initiative centres on Synesgy, an ESG assessment platform developed by the international CRIF group, which allows companies to evaluate their sustainability performance and that of their supply chains.
The association explained that Artemis had prepared the market through nationwide information campaigns and presentations for Cypriot businesses and economic stakeholders before European requirements were introduced locally.
The aim was to show businesses of all sizes that ESG criteria were not merely a formal obligation, but a strategic tool for improving competitiveness, accessing finance and supporting long-term sustainability.
Held under the theme “The World in 2027: The New Global Landscape for Business, Economics and Security”, the event will bring together political leaders, diplomats, business executives, academics and international experts to examine developments shaping the global economy and security environment.
The discussions will focus on how geopolitical shifts, economic pressures and emerging technologies are influencing decisions by governments, companies and investors ahead of 2027.
The data showed that 92.7 million people across the EU were at risk of poverty or social exclusion, equivalent to just over one in five residents.
Cyprus is counted as a single statistical region because of its size, while other EU member states are divided into multiple regions for the purposes of the comparison.
The figures therefore place Cyprus below the bloc-wide average, although they do not reveal differences in poverty and social exclusion between individual districts or communities on the island.
The 8th Cyprus-Israel Business & Investment Summit brought together representatives of the two countries to explore ways of strengthening commercial ties, attracting investment and helping companies establish a presence in European markets.
Among the speakers, Invest Cyprus CEO Marios Tannousis presented the island as a strategic gateway to the European Union, particularly for Israeli companies considering relocating operations, establishing regional headquarters or expanding their activities abroad.
He linked these opportunities to the government’s Vision 2035 strategy, which seeks to strengthen Cyprus’ competitiveness through research, technology, innovation and entrepreneurship, while attracting more international businesses and skilled professionals.
The awards are open to solutions from the public sector, private sector and civil society across DCO member states and worldwide, recognising the use of technology and innovation to accelerate digital transformation and promote a more inclusive, sustainable and prosperous digital economy.
Under the theme “Building the Future, Today”, the second edition will highlight initiatives that are already shaping the digital future by improving access to services, empowering people and communities, supporting business growth, advancing innovation and broadening participation in the digital economy.
The bank acquired the shares on Euronext Athens between October 8 and October 15, at a weighted average price of €16.2581 per share, according to an official announcement.
The total cost of the purchases was €5,365,183.50, the bank reported.
The largest daily purchase took place on October 8, when the bank bought 105,000 shares at an average price of €16.1527, spending €1,696,033.50.
“The labour market is a key indicator of an economy’s resilience and prospects, as it is closely linked to growth, productivity and social welfare,” said Marios Polemidiotis, a member of the CBC’s Economic Analysis and Monetary Policy Division.
In the CBC’s October 2026 Economic Brief, Polemidiotis said Cyprus had maintained a resilient labour market despite successive external shocks since the pandemic, including the energy crisis, inflationary pressures, tighter financial conditions and persistent geopolitical uncertainty.
“Unemployment declined to a historic low of 3.6 per cent of the labour force in the second quarter of 2026, employment continues to expand, inflows of foreign workers remain significant, and labour force participation among Cypriots has been maintained at high levels,” he said.
The scholarships, offering a combined €30,000, are available for the 2026-2027 academic year and have been established in memory of Dr Christiana Kouta.
According to the official announcement, the funding covers postgraduate programmes involving full-time or part-time in-person attendance, whether at universities in Cyprus or abroad.
To qualify, applicants must hold Cypriot citizenship and a university degree with a minimum grade of 6.5 out of 10, equivalent to an Upper Second-Class Honours degree of 60 per cent, a GPA of 3.0 out of 4.0, or 13 out of 20 for graduates of French universities.
The analysis covered 1,956 recorded sale agreements worth €606.4 million between July and September, with Paphos increasing its share of transactions from 12.8 per cent in the second quarter to 17 per cent, while Limassol’s share of total transaction value climbed to 40.5 per cent.
“The more revealing story lies in how that activity was redistributed,” said Andreas Christophorides, founder and chief executive of Landbank Group.
“Limassol strengthened its share of total transaction value, Paphos gained ground by number of sales, while Nicosia continued to play an important role in new developments despite its lower relative share,” he added.
The company’s board of directors unanimously approved the distribution in a written resolution shared on the Cyprus Stock Exchange (CSE), based on management accounts as at September 30, 2026.
Enteca said its current financial and cash position, together with its retained earnings, allowed it to proceed with the payment after taking account of its future commitments.
The dividend will be paid to holders of Class B shares recorded with the CSE on October 29, which is the record date for determining eligible shareholders.
The proposed arrangements, announced on Tuesday, aim to restructure existing debt, improve financing terms and provide funding facilities to group companies, according to a notice issued by the company.
The meeting will take place at 12.30pm at the Hilton Nicosia hotel, with shareholders asked to approve and ratify a series of financing agreements, guarantees and other arrangements connected with the restructuring.
The framework agreement involves Louis plc, Louis Hotels Public Company Limited, Clin Company Limited, the Bank of Cyprus and other parties.
According to the reporting, the move forms part of FxPro’s strategy to align its business structure with its longer-term growth plans, with the group indicating that its Cyprus operations account for a relatively small part of its overall business.
Peter Aust, chief operating officer of FxPro, told the publication that the group’s expansion in recent years had been driven predominantly by markets outside Europe, which have become its main growth engines.
The group, he explained, intends to concentrate investment, resources and innovation on those international markets, while maintaining its existing ownership, leadership and broader strategy.
Cyprus promoted its business environment and opportunities in financial technology at an international blockchain summit held in Washington and New York between September 29 and October 2, with government representatives taking part in discussions on digital assets, regulation and cross-border innovation.
The Ministry of Energy, Commerce and Industry represented the Republic of Cyprus through its New York Trade Centre at the summit, entitled The Future of Money, Governance, and the Law 2026.
The event was organised by the international non-profit Government Blockchain Association and brought together senior policymakers, business leaders, investors and technology specialists.
Discussions focused on the implications of artificial intelligence, blockchain and quantum computing for international governance and financial infrastructure, alongside regulatory frameworks and digital assets.
During the summit, the New York Trade Centre operated an information stand to present Cyprus as a European business hub and outline its prospects in innovation and financial technology, commonly known as fintech.
The revised data show economic growth of 6 per cent in 2023, up from the previous estimate of 3.6 per cent, while growth for 2024 was revised upwards from 3.9 per cent to 6.6 per cent.
For 2025, the growth rate was revised from 3.8 per cent to 4.8 per cent, placing Cyprus second among the EU’s 27 member states, according to the government.
By comparison, the EU economy grew by 1.4 per cent in 2025 and the eurozone by 1.2 per cent, meaning Cyprus expanded at more than three times the EU average.
Speaking to media on the sidelines of an event marking European Statistics Day, Keravnos commented on the latest relief package to tackle the rising cost of living and on whether the government plans additional measures.
He said authorities are monitoring the support measures announced, adding that a first assessment by the Consumer Protection Service shows a 5 per cent drop in the prices of some essential items.
But asked whether still climbing energy prices have already neutralised the effect of the relief measures, Keravnos said that under the circumstances one should not expect significant decreases.