Online Gambling Thrives in Portugal with Record Breaking Q3 2023

portugal hits record online gambling revenue

It truly seems that no matter where one looks in the world, the regulated gambling market is thriving. A case in point is Portugal, where online gambling revenue reached a new quarterly high of €215.3 million in the third quarter of last year.

The three months ending 30 September saw total market revenue 4.6% higher than the record €122 million set in quarter two of last year. Moreover, the quarter three total market revenue was 36.1% higher than the €158.2 million of gambling revenue generated in Portugal in the third quarter of 2022.

Online Casino Games Take the Lead

During the quarter, an impressive €133.4 million of revenue was brought in by online games of chance, which was 50.5% more than the previous year. The figure set a new record for the segment and it was an impressive 62% of all online gaming revenue from the quarter.

Players spent a massive €3.65 billion on the segment in the third quarter, up 47.2%, and this was yet another record. Of this, slots made up 82.3%, French roulette was 6.4% and blackjack was 6.2%. Thanks to the Gaming Regulation and Inspection Service (SRIJ), players in Portugal can easily enjoy safe and fair online baccarat.

Online Sports Betting Revenue Continues Downward Trend

While the total online revenue may have increased, spending on online sports betting in Portugal continues to fall. In the third quarter, sports betting revenue was €81.9 million. While this was 17.7% more than the same period in 2022, it was 2.5% lower than the second quarter in 2023 and it was the third consecutive quarter in decline.

Customers spent 12.1% more on online sports betting than they did in the previous year, a total of €390.5 million. Unsurprisingly, the vast majority of this, 71.4%, was bet on football, while 22.2% was bet on tennis and 6.4% was bet on other sports.

Significant Numbers Self-Exclude

The third quarter figures published by Portugal’s gambling regulator, the Gaming Regulation and Inspection Service (SRIJ), were not only related to revenue. The authority revealed that by the end of the third quarter, 196,600 players had joined the self-exclusion scheme, a significant increase of 42.5% from the same time in 2022.

In contrast, 205,200 new players signed up during the quarter, while 97,800 accounts were closed. By the end of the quarter, there were 3.9 million active gambling accounts in Portugal, a significant number for a country with a population of just 10.33 million.

The SRIJ also said that it has shut down 23 websites in the third quarter.

Growth in Land-Based Gambling

It is not just online gambling that is thriving in Portugal, the land-based industry is also doing well. During the third quarter, revenue from the segment increased by 14% year-on-year to €76.1 million.

Slot machines brought in €57.2 million of this, up 1% from the previous year and they were responsible for an impressive 75.1% of all revenue in the quarter. The remaining revenue, €18.0 million, was brought in by casino and bingo games, with baccarat generating €5.9 million, American roulette €5.8 million, and blackjack €3.3 million.

A Haven for Baccarat Players

While baccarat may not be the most popular game in Portugal, it is clear that there are a significant number of players offline as well as most probably online. Portugal has a relatively young gambling market, but it is thriving and it wouldn’t be surprising to see the online gambling revenue record broken in successive quarters. Not only are both RNG and live dealer baccarat games available but there are live dealer operators offering native tongue Portuguese baccarat tables.

In short, there is everything a discerning player needs and with such a high-quality offering, the revenue seems set to continue rising.

Caroline Richardson
Caroline Richardson Read Bio
Hi all, I’m Caroline. I’m based in Boston, Massachusetts, with my husband and our three noisy and inquisitive kids. I began my career in journalism, working for several Boston-based....
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