IT Industry Growth In Cyprus For The Last 5 Years

From leading-edge startups to established brands, Cypriot gaming companies have taken different approaches to innovation in the IT sphere, namely the gaming industry.

Thanks to their unique ideas, entryways, quality software, growth strategy, management, and social impact, the island’s gambling sector have grown dramatically over the past 5 years. We are talking about the qualitative growth of casino services, the expansion of the number of slots and other gambling entertainment, the simplification of conditions for players, and the development of service and support.

Everything is very simple – you go to the casino Cyprus online and can choose for yourself both slots for real money rates, and the usual demo, so to speak, for training and learning nuances. For example, many popular slots can be played for free without registering on the casino website.

Naturally, the cash winnings in this form of games do not get, but the experience, the mass of emotions, excitement, and drive are guaranteed.

The Main Reasons for the Development of Gambling Business in Cyprus

Cyprus is now considered an ideal technological center for companies that are looking for a start-up in the gambling industry. Recently, tourists have 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 second person doesn’t mind visiting a casino and trying 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 in comparison to other sectors of the economy;
• The headquarters of global software development giants such as Outfit7, Melsoft, and Nexters are located in Cyprus;
• It is the place where important video games were created, which influenced the cultural life not only in Cyprus but also in the whole world.

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. Income from the video game industry has expanded every year.

In comparison with 2020, the gross income of Cyprus betting offices increased by 179.1 million $. And the budget by the end of 2021 was received $ 14.1 million. Information is provided by the publication 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 that the software developers have built 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 gaming industry and leading analysts, the most exciting and important trends that have affected the rapidly changing world of gaming in the past few years have become the driving force for the industry, and shakers are putting more resources into their vision of a streaming cloud future.

Virtual reality easily provides some of the most immersive gaming experiences in online casinos. 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.

But all records have been broken by the growing trend of the explosive growth of “have fun to make money” games, which reward gamers with cryptocurrencies for participating in daily play. Finally, at the European Games, cybersports occupy an important niche. You can read about its peculiarities by reading the Wikipedia article https://en.wikipedia.org/wiki/Esports. This proves that gambling has really turned into a spectator sport, and both the number of professional players and the size of the prize funds are expected to grow rapidly.

The Casino Industry 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 through its freedom to spend as little money as possible. But what is the secret to the success of online gambling and its impact on the economy? There are several important questions concerning it:

1. For many people, online gambling brings certain freedom, where 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 the casino gaming license 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. On these issues, 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. Today, 9 providers, including Bet365, Winmasters, and Parimatch, are fully licensed in 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 signaled a change in its growth in revenues in the gambling market towards increase.
5. Online casinos require an online gambling license, an indication of the ease of business and security of the gaming software.
6. The National Gaming and Casino Supervisory Board are responsible for regulating casino betting under the Casino Regulations of 2015. Nowadays, a 16-year monopoly on traditional casino gambling is provided by the Authorized consortia.

Cyprus’ gaming industry is the best opportunity for networking and business promotion through goal-oriented 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 platform. In addition, Cyprus has become a regional gaming hub that has licensed online casino games and betting exchanges. Thanks to this, many people today gamble millions of dollars.

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