Online Betting Market in Portugal Hits Record €323M in Q4 Revenue

Turismo Portugal has reported record-breaking revenue figures for the country’s online betting and gaming industries.

Gross earnings reached €323.0 million, representing 42.1% year-over-year growth. The biggest growth driver was sports betting, which saw a 90.0% revenue increase from Q423, reaching €138.3 million.

Breaking Down Portugal’s €323M Online Betting Revenue

Online casino gaming accounted for 57.2% of total revenue for Q4, with sports betting following closely behind for the remaining 42.8%. The Online Gaming Special Tax (IEJO) generated €89.2 million in the fourth quarter, up 9.6% compared to the year prior.

Interestingly, the significant growth in sports betting revenue was not reflected in corresponding handle growth. The volume of sports bets grew 0.3% over Q423, reaching €533.7 million.

Three-quarters of all bets placed in the quarter were on soccer. The soccer properties that saw the most wagers were the UEFA Champions League, Portuguese Primeira Liga, and English Premier League. Tennis and basketball comprised 20.7% of total sports betting activity. The Paris and Shanghai Masters were the two most popular tennis competitions, with the NBA accounting for just over half of all basketball bets.

Portuguese bettors wagered a total of €5.15 billion on casino games. Slots dominated, making up 80.2% of all casino wagering. Banca Francesca was second with 5.4%, closely followed by Roulette and Blackjack with 5.3% and 4.8%, respectively.

The majority of business is generated in Lisbon and Porto. Lisbon customers comprised 21.5% of registered players, with 21.2% based in Porto. Registered online gamblers reached 4.7 million, up 15.0% year-over-year.

Demographically, 78.4% of players are under 45 years old. The biggest bracket is 25-34, accounting for 33.9% of all players. The largest group of non-Portugese gamblers was Brazilians, comprising 51.0% of total foreign players. Players from Cape Verde, Nepal, and Angola were the three countries next in the rankings.

By the end of 2024, the number of self-excluded players rose 36% from 2023’s figure, reaching 292,400.

Gambling Regulator in Portugal Blocks Over 2,200 Illegal Sites Since 2015

The Portuguese gaming authority’s report also noted its efforts against illegal gambling. In the fourth quarter, the regulator issued 41 notices to unauthorized operators and blocked 112 illicit websites. Furthermore, five cases were referred to the Public Ministry of Portugal for legal action.

As is commonplace across Europe (and broadly globally), Portugal does not have widespread adoption of digital currencies. While there is some movement on crypto adoption, crypto sportsbooks, and crypto iGaming remain among the websites prohibited in Portugal.

Since the inception of online gaming regulations in 2015, the Portuguese authorities have issued 1,371 notifications to illegal operators, blocked 2,262 sites, and referred 43 cases for prosecution.