Portugal's online gambling industry generated €261.8 million in gross revenue in the second quarter of 2024, marking a new record. This figure represents a 27.2 per cent increase from the previous year. Within this revenue, online casino games contributed €158.5 million, which is 66 per cent of the total online gambling revenue.

Increased engagement with online slots, card games, and roulette—combined with traditionally loved football—continues to shift user spending towards casino games, which is more convenient. While sports remain a draw, users prefer online gambling with a wider array of options available at their fingertips.

Overview of the Online Gambling Market Growth

The online gambling sector in Portugal has shown persistent growth in revenues and user activity over the last several years. The country has continued to grow ever since the regulated online gambling launch in 2015, and now entering Q2 marks the eighth consecutive quarter of record revenues.

Online casino games, particularly slot machines, remain the strongest growth driver. In Q2, slot machines accounted for 82.3 per cent of total online casino wagers. Other games like French roulette, blackjack, and poker also played a role, albeit a small one relative to slots.

In the same period, sports betting generated €103.3 million, reflecting an increase of 23.1 per cent year-on-year. Football, tennis, and basketball continued to dominate as the most wagered upon sports, with Football accounting for a majority of the bets. International competitions like Euro 2024 increased these numbers dramatically.

By the middle of 2024, online gambling in Portugal reached over 4.4 million registered accounts. The sector continues to thrive as evidence suggests that nearly 288,000 new accounts were registered in Q2. Interestingly, while the number of new accounts is growing, self-exclusion rates are also increasing. During Q2 alone, over 136,000 players opted to self-exclude, which takes the total to over 250,000 individuals by year-end.


Key Factors Driving the Surge in Online Casino Revenue

To begin with, there is a shift in consumer preferences. Users are increasingly selecting mobile gaming over traditional in-person gambling as a result of convenience. Online casino games’ variety and the immediacy with which they can be accessed make them more appealing. Slot games are some of the most popular forms of gambling due to their fast-paced nature and easy play. Casual users find it easy to engage due to the minimal need for advanced knowledge.

Operators have made the changes to the promotions offered at the user level to benefit both new and returning users. Specifically, promotional play like free spins no deposit allows players to try out new games at no cost. Such offers are likely to lead to higher participation without promoting reckless behavior.

User participation has greatly increased due to the implementation of live dealer games and the gamification of interfaces. Enhanced graphics, real-time interaction, and mobile optimisation have all contributed to the strong performance of the sector.

While sportsbook offerings are keeping up with demand, particularly during peak sporting moments, the casino-style games are more consistently profitable across time periods, owing to their diversified nature and availability.

Portugal's growth since 2015 has mainly stemmed from the regulatory framework set in place for the country. Supervised by the Serviço de Regulação e Inspeção de Jogos (SRIJ), the system features licensing prerequisites, tax frameworks, and protective measures for the customers.


Impact of Regulatory Frameworks on Market Expansion

Since last year, 30 internet gaming licenses have been issued; however, operators are required to comply with strict guidelines for identity authentication, responsible gaming instruments, and payment processing.

The government has been actively enforcing compliance by cracking down on unlicensed operations. In just the second quarter of the year, 38 illegal gambling operations were shut down, contributing to a yearly total of over 100 such interventions.

Another part of the framework to enhance control is taxation. In 2024, the online industry was taxed over €357 million, which is a 33% increase from the previous year due to the enforcement of licensing and compliance within the scope of the law. The money can be allocated to public funding branches and serves as a valuable indicator of the industry's soaring economic impact.

Fostering responsible gaming continues to be a policy priority. In 2024, over 47,000 users joined the national self-exclusion list in the second quarter, bringing the total to nearly 300,000 by year-end. This demonstrates that greater education on the dangers posed by gambling is on the rise. Through age verification, deposit restrictions, and transparency from operators, the SRIJ continues to promote responsible gaming.

Future Projections for Portugal's Online Gambling Industry

Portugal’s online gambling industry is expected to grow steadily in the future, but the growth rate may level off after the post-pandemic rush and several quarters of double-digit growth.

The segment will continue to be dominated by online casinos as they provide constant access to industry games and entertain players during off-peak times for other events, which makes participation highly convenient. Additional features like live casino games, augmented reality, and mobile compatibility may further enhance user engagement.

An internationally owned company called CIRSA recently purchased CasinoPortugal, so further consolidation in the sector is expected. That signals to me that foreign companies are starting to pay attention to Portugal. That could help bring more competitive pressure, better technology, and more regulations about how the industry operates.

Changes to the remittance limits as well as affordability checks of the users may be implemented in the future, which align with policies seen across Europe. These changes ion the policy setting will be designed to maintain growth while ensuring user safety.