The betting sector can play an important role in supporting and recovering the economy, said the President of the National Betting Authority, Ioanna Fiakkou, during the presentation of the Authority's budget before the Finance Committee of the Parliament.
As he said, according to a press release of the Authority, “the positive financial results of 2020, compared to the corresponding financial results of 2019 where there is an increase of 1%, in a period of prolonged uncertainty due to the pandemic, confirm that the betting sector can to play an important role in supporting and recovering the economy “.
In this context, as he said, special emphasis is given to the further development of the sector, as well as to attracting investments that will add value to the Cypriot economy.
He added that in recent years, with the decisive contribution and actions of the National Betting Authority, significant progress has been made in combating illegality in the sector, through the creation of a strong regulatory and supervisory framework and the conduct of ongoing inspections to ensure the implementation of legislation, both for both landline and online betting. In this direction, he noted, within 2021 there will be full automation of the functions of the Authority, with the aim of further strengthening its role and responsibilities.
In the year 2020 the Authority imposed administrative fines of € 55,850 related to violations by its supervisors. At the same time, as Mrs. Fiakou, important steps were taken for the protection of the players.
“Recently, we announced the operation – within 2021 – of the Self-Exclusion Platform, which will further strengthen the effort to protect players and is in the final stage the Regulations for the Protection of Players and Vulnerable Teams. “Also, the launch of an information campaign will be announced, which marks the implementation of a series of actions for the protection of players and society, as well as the cultivation of a Safe Gaming culture” , he explained.
With the support of the State, he added, “we will continue to work on the basis of our strategic planning with the aim of promoting Cyprus as a center of development and innovation in the field of gambling, as well as for the upgrade and modernization of the sector, always having “Our focus is on protecting players, vulnerable groups and society at large.”
