In a stunning turn of events, Portugal has reported record-breaking online gambling revenue in the first quarter of 2024, with a staggering increase of 25% compared to the same period last year. This news comes as a pleasant surprise to many in the industry, as the country has been steadily rising in the ranks as one of Europe’s leading online gambling markets.
According to the latest figures released by the Portuguese gambling regulator, SRIJ (Serviço de Regulação e Inspeção de Jogos), online gambling operators in the country brought in a total of €176.9 million in revenue in the first three months of 2024. This marks a significant milestone for the Portuguese gambling market, which has seen a steady increase in revenue over the past few years.
The surge in online gambling revenue can be attributed to a number of factors, including the increasing popularity of online gambling among Portuguese players, the growing number of licensed operators in the market, and the continuous improvement of regulatory framework in the country. Additionally, the ongoing COVID-19 pandemic has also played a role in driving more players towards online gambling, as land-based casinos and betting shops faced restrictions and closures during lockdowns.
One of the key drivers of the record-breaking revenue in Q1 2024 was the strong performance of sports betting, which accounted for more than half of the total revenue generated. Sports betting in Portugal has been on the rise in recent years, with more players turning to online platforms to place their bets on a wide range of sports events.
In addition to sports betting, online casino games also saw significant growth in revenue, with a 20% increase compared to the same period last year. Popular online casino games such as slots, poker, and roulette have continued to attract a large number of players, contributing to the overall growth of the online gambling market in Portugal.
The record-breaking revenue in Q1 2024 is a clear indicator of the promising future of the Portuguese online gambling market. With more players embracing online gambling as a convenient and entertaining form of entertainment, the industry is expected to continue its growth trajectory in the coming years. As more operators enter the market and regulatory framework becomes more established, Portugal is poised to become a major player in the European online gambling scene.
