Portugal Sees First Decline in Online Gambling Revenue SINCE 2022
Portugal’s online gambling market recorded its first revenue drop in nearly three years. The decline came in Q1 2025, ending a long streak of steady quarterly growth. Despite the setback, the overall trend still points upward.
Q1 2025 – a Revenue Dip
After nearly two years of continuous growth, Portugal’s regulated online gambling market experienced a downturn in the first quarter of 2025. This marked the first revenue decline since early 2022, signaling a potential shift in market dynamics. Total earnings dropped compared to the record-breaking Q4 2024, when online gambling operators reported €323 million ($366 million) in revenue – the highest figure ever recorded in the country.
The sudden dip came as a surprise to some observers, especially after the sector’s strong finish at the end of 2024. While the long-term growth trend remains intact, the first three months of 2025 suggest that the market may be entering a phase of adjustment. Analysts point to seasonal factors, regulatory pressure, and changing consumer behavior as possible reasons behind the slowdown.
Strong Finish in 2024
Q4 2024 marked the peak of the market’s growth. Sports betting brought in €138.3 million – nearly double the figure from Q4 2023. Online casino games generated €184.6 million, up about 20% year-on-year. Together, these figures pushed the market to its highest-ever revenue. Sports betting remained strong in late 2024, led by major football events.
However, activity slowed in early 2025. Did that mean a general decline in activity? Not entirely. Online casino games continued to perform well. Slot machines alone made up over 80% of the casino gaming volume in Q4 2024.
User Activity and Player Protection
At the end of 2024, more than 4.7 million users had registered online gambling accounts. Around 1.23 million players were active, marking a 12% increase from the previous year. The number of self-excluded players also rose to over 292,000, up 36% year-on-year.
But nothing lasts forever – Q1 2025 broke the growth streak. Is the loss of a good streak an omen of a market decline? It is impossible to predict this, but the forecasts are generally optimistic; experts view the drop as a short-term correction. Earlier quarters showed strong momentum, with Q3 2024 revenue reaching €266 million and Q4 setting a new record.