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The national lottery’s surplus fell to €7.2 million in 2025, down from €8.8 million in 2024, the institute’s head Angelos Efthymiou confirmed on Friday.
Efthymiou said the surplus is directed into the state’s permanent fund, which also absorbs any prize money left unclaimed by winners.
He acknowledged that revenue has declined in recent years, making modernization necessary. “For this reason, the accountant‑general has issued a tender, which is currently underway, for modernization,” he said.
The tender, announced by the finance ministry in early August, carries an estimated value of €1.23 million excluding VAT. It covers a six‑year advisory contract, not a single consultant’s salary, and will fund a small team of legal and financial specialists across three stages: an initial six‑month assessment phase, an eighteen‑month to two‑year implementation phase, and three years of technical support once the new model launches.
Within that total, €200,000 is set aside for additional assistance beyond the core scope, and €30,000 for a possible extension of support.
Bidders must demonstrate an annual turnover of at least €2 million and prior experience advising state lotteries abroad worth at least €500,000. Commercial and legal experts each are required to have a decade of relevant experience.
The final operating model has not been predetermined; the cabinet will assess the contractor’s proposals before any
Article source: cyprus-mail.com | Image credit: cyprus-mail.com
