Portugal’s Online Gambling Revenue Hits New High in Q4
In a remarkable display of growth, Portugal has once again surpassed its own records in the online gambling sector, marking the sixth consecutive quarter of unprecedented revenue highs.
The final quarter of the year saw online gambling revenue soar to €227.4 million, a 5.6% increase from the previous quarter’s record of €215.3 million, as announced by the Gaming Regulation and Inspection Service (SRIJ).
Unstoppable Growth in iGaming
Driving this surge is the igaming sector, which itself posted a record quarter for the second time in a row, with revenue reaching €154.4 million. This figure represents a significant rise from €133.4 million recorded in Q3, highlighting the increasing popularity and profitability of online casino games within Portugal’s gambling landscape.
Contrasting the overall growth, the online sports betting segment experienced a decline for the third consecutive quarter, with revenue falling to €72.8 million. This 11% decrease from the previous quarter suggests shifting player interests or possibly saturation within the sports betting market.
Yearly Comparisons and Market Dynamics
On a year-over-year basis, the total online gambling revenue in Portugal saw a robust 16.4% increase from €195.3 million in Q4 2022. The most significant growth was observed in the online casino segment, which skyrocketed by 40.7% compared to the same period last year. Slot games emerged as the dominant choice among players, contributing to 83% of the total bets placed in online casinos.
The revenue distribution within the online gambling sector further emphasizes the sway of casino games, with 68% of Q4 2023’s revenue generated from this segment, leaving sports betting to account for the remaining 32%. Football continued to lead in sports betting, commanding 74.7% of the total bets.
While online gambling flourishes, Portugal’s land-based gambling sector faced a slight downturn, with a 3.9% year-on-year decline in gross revenue during Q4. However, it wasn’t all bleak for the traditional gambling venues, as bingo halls reported a 3.4% increase in gross revenue, indicating a niche but growing interest in this classic game.
Our Comment on the Article
The sustained growth in Portugal’s online gambling revenue, particularly within the igaming sector, underscores the evolving dynamics of the gambling industry. While traditional sports betting faces challenges, the surge in online casino popularity, especially slots, paints a picture of changing consumer preferences and technological advancements shaping the future of gambling in Portugal. This trend not only highlights the adaptability and resilience of the online gambling industry but also prompts a reevaluation of strategies within the sports betting segment to reignite growth and interest among players. As the industry continues to navigate through these shifts, the focus on innovation, user experience, and diverse offerings will be key to sustaining and potentially accelerating this growth trajectory.
