Driven by significant growth in the sports betting market, Portugal's online gambling total revenue reached a record €323 million (£271.5 million/$352.2 million) in the fourth quarter.
The total for the fourth quarter (three months ending December 31, 2024) grew by 42% compared to the previous year. This is also 21.3% higher than the existing record of €266.3 million set in the third quarter of 2024.
Despite the overall revenue reaching an all-time high, data released by the regulatory authority Serviço de Regulação e Inspeção de Jogos (SRIJ) also showed record performances in the sports betting and online casino sectors.
Casinos generated the most revenue, but sports betting dominated the fourth quarter, with revenues soaring year-over-year.
Sports betting revenue nearly doubled in the fourth quarter
Looking closely at sports betting, its revenue reached €138.3 million, up 90% year-over-year. This is also 51.7% higher than the €91.2 million reported in the third quarter.
Although player spending remained stable, this figure still grew. The amount wagered by consumers in the fourth quarter was €533.7 million, compared to €532.1 million in the same period last year. However, this number is significantly higher than the €483.4 million in the third quarter.
Of this, 75% was used for football betting. Additionally, 10.5% was used for tennis betting, 10.2% for basketball betting, and 4.3% for other sports betting.
Online casino revenue grew by 19.5%
Speaking of online casinos, their revenue reached €184.6 million. This set a new record, which is 19.5% higher than the fourth quarter of 2023 and 5.5% higher than the third quarter.
The total expenditure in online casinos for this quarter reached €515 million, up 21.1% from last year and 5.6% from the third quarter.
Again, online slot machines were the most popular among players, accounting for 80.2% of all bets. This was followed by dice games French bank, accounting for 5.4%, then French roulette at 5.3%, and blackjack at 4.8%.
Active player count in Portugal surpasses 4.7 million
In addition to financial data, SRIJ also released information about player behavior. There were 4.7 million people gambling online in the fourth quarter, up 15% year-over-year.
The report states that during this period, about 614,800 new registrations were made, up 15% from 2023. Most of these were aged between 18 and 24, but the most popular age group for online gambling remains 25 to 34 years old.
As for self-exclusion, 16,200 people chose to opt out of online gambling in the fourth quarter. This means that by the end of this quarter, a total of 292,400 people in Portugal had self-excluded.
Furthermore, the regulatory authority also issued closure notices to 41 websites considered to be operating illegally.
Mixed news from the land-based casino sector
In terms of physical gambling, total revenue grew by 12.5% year-over-year to €72.6 million. However, this was 4.3% less than the total in the third quarter.
In the fourth quarter, slot machine revenue accounted for €53.9 million of the total revenue, up 4.8% from last year. All other revenue (€18.8 million, up 36.9%) came from casino games and bingo.
Although all sectors of the market achieved year-over-year growth, American roulette generated the highest revenue in the latter category, amounting to €6.9 million.
