The Cypriot national lottery surplus has fallen 19% to €7.2m for 2025. This downward trend has urged the institute to seek modernisation, as lottery director Angelos Efthymiou acknowledged.
The lottery surplus is channelled into the state's permanent fund; however, it also includes unclaimed prizes that are absorbed into the fund.
In 2024, the Cypriot lottery generated €21m in revenue but paid out almost half of it in scratch card prizes, which represent 98% of its income.
However, despite only establishing an official state lottery in 2013, the Cypriot national lottery's sales have continued to decline, as its biggest rival, Greek operator OPAP, grows significantly thanks to the recent merger with multinational gaming giant Allwyn.
OPAP, once established as a Greek state-owned entity, has undergone privatisation and, due in part to its digital expansion, posted record gross gaming revenue (GGR) of €2.4bn in 2025.
The combination of low sales and pressure from its digital rival is pushing the Greek national lottery institute to fully embrace modernisation.
"For this reason, the accountant-general has issued a tender, which is currently underway, for modernisation," Efthymiou announced when speaking with the Cyprus News Agency.
The tender issued by the state's finance ministry is valued at €1.23m excluding VAT, meant to fund a small team of legal and financial specialists to launch a new model.
The amount also includes €200,000 set aside for additional assistance, and €30,000 for a possible extension of support.
Despite having a well-regulated and growing gambling market, Cyprus' state-owned lottery faces significant competition from the Greek-based operator OPAP and the popularity of iGaming
