Sports Betting Takes Portugal Online Gambling Revenue To New HeightsPublished January 8, 2021 by Sol FH
Portugal sets new online gambling revenue record thanks to strong third-quarter sports betting.
Online sports betting led Portugal's online gambling industry into new territory during the third quarter of 2020. Due to a high number of sports events, sports gambling was able to surpass iGaming, and more than doubled its revenue in comparison to Q2.
Sports betting won the revenue race in Q3, setting a revenue record of €42.5 million, nearly three times the amount year-on-year. Betting turnover also broke records, almost doubling its year-on-year to €222.8 million.
The total amount of generated revenue by locally licensed operators generated €84.2 million in the three months ending September 30, which was an increase of 55.7% year-on-year and a rise of 21.6% quarter-on-quarter. These figures were released by the Portuguese regulator Serviço Regulação e Inspeção de Jogos do Turismo de Portugal (SRIJ).
At the end of September, Portugal had 14 licensed betting providers, which is three more than 2019 totals. In Q4, Skill On Net was granted a license to implement slot machines, table games, and other classic casino games of chance.
Portugal also saw the Special Online Gambling Tax (IEJO) break a record reaching €28.3 million, up by 31.7% year-over-year.
Due to the COVID-19 Pandemic, Portugal limited access to online gaming platforms in April, after seeing a surge in use. New users skyrocketed in the third quarter of 2020 by 5.2% year-on-year to 156,800.
Online Casinos in Second Place
Online casino almost doubled its year-on-year revenue, hitting €41.7 million, but fell short of its Q2 record of €47.9 million.
Slots were still the biggest earner for online casinos, contributing 70% of the overall online casino revenue. Slots were followed by roulette at 13.8% and blackjack at 6.1%. Although a popular game, poker accounted for just a 4.8% share, while tournaments accounted for another 1.9%.
With more and more sporting events restarting, albeit, in a limited capacity, more Portugal punters will likely opt-in for services at one of the sports betting operators that are licensed and regulated therein.