Portugal’s online gambling revenue hits $366 million in Q4, driven by sports betting and casino growth

Portugal’s online gambling market set a new quarterly record at the close of 2024, with gross revenue reaching €323 million ($366 million), according to figures released by the country’s gambling regulator, the Gambling Regulation and Inspection Service (SRIJ).

The figure represents a 42.1% year-over-year increase, marking a notable rise in both player engagement and market performance.

The gains were largely fueled by strong results in both online sports betting and games of chance. Sports wagering generated €138.3 million ($157 million) in the fourth quarter, nearly doubling the amount recorded during the same period in 2023. Casino-style games such as online slots and roulette brought in €184.6 million ($209 million), showing a nearly 20% annual increase.

The number of new player accounts also surged, with over 302,000 registrations during the quarter. This lifted the total number of registered online players in Portugal to nearly 4.72 million, of which around 1.23 million placed at least one bet, an increase of about 12% from the previous year-end.

Football remained the dominant sport in the betting market, accounting for 75% of all sports wagers. The most popular events for bettors included the UEFA Champions League, Portugal’s Primeira Liga, and the English Premier League.

Within the online casino sector, slot machines were by far the most popular product, contributing to more than 80% of total casino bets placed online.

In parallel, the use of responsible gambling tools continued to grow. Over 292,000 individuals had opted to self-exclude from online gambling platforms by the end of 2024, marking a 36% year-on-year increase.

The sports betting industry also reflected wider European trends. A study reported by ReadWrite in March noted that nearly 300 top-tier football clubs had signed sponsorships with betting firms for the 2024/25 season. All teams in England’s Premier League and the Netherlands’ Eredivisie had at least one gambling partnership, with Portugal identified as a particularly active market.

Land-based gambling in Portugal also saw growth during the same quarter, though more modest by comparison. Revenue climbed 12.5% year-on-year to reach €72.6 million ($82.2 million), though it remained 4.3% below Q3 levels.

Slot machines continued to lead the sector, generating €53.9 million ($61 million), while casino table games and bingo brought in a combined €18.8 million ($21.3 million), up 36.9% from the previous year. American roulette emerged as the highest-earning casino game, accounting for €6.9 million ($7.8 million) in Q4 revenue.