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Online Gambling in Portugal Boasts Record Revenue and Safer Gambling Numbers
By Shane Addinall Mar 05, 2024 IndustryThe latest report by the SRIJ showcases the growing success of online casino games of chance year over year, reaching an all-time high in Q3 2023. It is also encouraging to see the success of Portugal's safer gambling education and awareness programs.Despite its relatively small size and quiet demeanour, Portugal's online gambling market is going from strength to strength, according to a recent report released by the Gaming Regulation and Inspection Service (SRIJ).
The SRIJ2 figures show that despite a decline in the country's sports betting activity and an increase in players making use of the various safer gambling tools, it is showing notable growth in online casino revenues – a healthy position for any licensed jurisdiction to be in.
Record Online Casino Gaming Revenue
The SRIJ review of its online casino and betting revenues for the last quarter of 2023 found that online games of chance were the market's shining star, having driven 68% of its total online gambling revenue of €227.4 million.
This new all-time high for the country is even more impressive because it follows its previous all-time high of €215.3 million, set in the third quarter of the same year.
The quarterly chart clearly shows that online casino gaming has grown in popularity with Portuguese gamblers since its inception in 2019. With a strong surge in activity, post its second-quarter slump in 2022.
Has Licensed Gambling Set Football On Shaky Ground?
While there are still avid sports bettors in Portugal, some locals are concerned that regulated gambling may be problematic for the country’s leading sporting event, football.
Regulated gambling has bolstered Online Slots and table game popularity in Portugal. However, taking a bet on the outcome of the local team's matchday performance is not as strong as in previous years.
While some of this is attributed to the fading glory of local football legend Ronaldo—there are calls for him to be dropped from the team to improve their chances of winning the Euro 2024—others are voicing concerns over match-fixing and the potential for the integrity of the sport to be compromised.
While betting revenues continue to be depressed, the one spark of hope in the market is that betting-related deposits increased notably in the last quarter of 2023. With punters beginning to put in more money, a few smart moves by regulators and Portugal getting into the Euro 2024 finals could see a resurgence in the local betting scene.
Gambling in Portugal is Safer Than Ever
One of the best parts about the licensing and regulation of any gambling jurisdiction is the peace of mind that it brings to people who need help in combatting compulsive behaviours.
It was heartening to see that the total number of Portuguese citizens who used the country's online self-exclusion program reached 215,000 by the end of 2023. This is the result of fantastic communication and education around safer gambling, with the number of those seeking the help they need growing by 41.6%.
At the time, the government received more than €81 million in taxes and licensing fees from legal operators, a significant portion of which will go towards further safer gambling education and awareness programs.
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