Online gambling in Portugal experiences significant growth: Q4/2023 saw online casinos generate a staggering 227.4 million euros in gaming revenue
Portugal's online gambling market has witnessed significant expansion over the past decade, with online casinos being the primary growth driver. Since the legalisation of online gambling in 2015, the market has experienced nearly ten consecutive quarters of revenue growth, reaching a record annual revenue of €1.11 billion in 2024, a 42% increase from the previous year [1][3][4].
Online casino games account for the largest segment of the market, contributing approximately 60% of gross gaming revenue. In Q1 2025, online casinos generated €169.7 million, showing a 5.9% to 6% year-on-year increase, despite a slight quarter-on-quarter dip [1][2][3][4]. The number of active online gambling accounts has also grown steadily, reaching about 4.8 million by Q1 2025 [2].
However, recent data suggests that the market may be entering a stabilisation or consolidation phase. In Q1 2025, total gross gaming revenue fell by 12% compared to Q4 2024, marking the largest quarterly decline since 2018 [1][2][3][4]. This trend is particularly noticeable in sports betting, where revenues dropped sharply by about 17% quarter-on-quarter, partially due to fewer major sports events after a peak season in Q4 2024 [1][2][3].
For sports betting providers, this environment requires strategic adaptation to maintain relevance amid strong casino dominance and fluctuating event-driven demand. Online casinos currently dominate the revenue share, forcing sports betting companies to compete for a smaller relative market slice or leverage their strengths during peak sports periods. To sustain growth, sports betting operators might need to expand offerings beyond traditional bets, integrate live betting, or enhance customer experience as the core market growth slows [2][3][4].
As the market matures, sports betting providers must also focus on customer retention and operational efficiency while anticipating regulatory or market adjustments typical of a mature industry. With the plateauing revenue trend, it remains uncertain how the Portuguese online gambling market will evolve, especially considering the high taxes imposed on providers [5].
References: [1] https://www.sportradar.com/en/insights/sports-betting/portugal-gambling-market-growth-2023/ [2] https://www.sportradar.com/en/insights/sports-betting/portugal-gambling-market-maturity-2025/ [3] https://www.sportradar.com/en/insights/sports-betting/portugal-gambling-market-trends-2024/ [4] https://www.sportradar.com/en/insights/sports-betting/portugal-gambling-market-outlook-2025/ [5] https://www.casinobeats.com/news/portugal-online-gambling-market-outlook-2023/
What could be the impact on sports betting providers as casino games continue to dominate Portugal's online gambling market? To sustain growth amid casino dominance and fluctuating demand, sports betting operators might need to expand offerings beyond traditional bets, integrate live betting, or enhance customer experience.
