Portugal’s online gambling industry closed out 2024 with a historic performance, setting a new quarterly revenue record of €323 million ($366 million), according to the latest data from the Gambling Regulation and Inspection Service (Serviço de Regulação Inspeção de Jogos, SRIJ).
The number marks an important 42.1% year-on-year boost that reflects both the growth in user activity and the increasing popularity of online betting sites.
Sport Betting and Online Casino Gambling, in the Lead
Strong performance across both sports betting and online casino games was the main trigger behind the significant rise in revenue.
Sports wagers alone accounted for €138.3 million ($157 million), nearly double what was recorded in the same quarter the previous year.
Meanwhile, casino-style games like slots and roulette continued to thrive, bringing in €184.6 million ($209 million), up almost 20% year over year.
User participation also surged. Over 302,000 new player accounts were created during Q4, pushing the total number of registered online gamblers in Portugal to around 4.72 million.
Of those, roughly 1.23 million placed at least one wager during the quarter, representing a 12% increase compared to the end of 2023.
Soccer maintained its dominance in the sports betting arena, responsible for 75% of all wagers placed. Top competitions such as the UEFA Champions League, Primeira Liga, and English Premier League attracted the most betting interest.
In the online casino segment, slot machines remained the clear favorite, accounting for more than 80% of all casino bets.
There was also significant growth in responsible gambling measures. By the end of last year, more than 292,000 players had opted to self-exclude from online gambling platforms, signaling a 36% rise in numbers from 2023.
Mirroring European Trends
Portugal’s betting market trends mirrored those seen across Europe. A March report highlighted that nearly 300 major soccer clubs had signed sponsorship deals with betting firms for the 2024/25 season.
Every team in the English Premier League and the Dutch Eredivisie had at least one gambling partnership, with Portugal cited as one of the more active players in the space.
Brick-and-mortar casinos in Portugal also experienced modest growth, generating €72.6 million ($82.2 million) in Q4, up 12.5% from a year ago, though slightly down from the previous quarter.
Slot machines led the way with €53.9 million ($61 million), while traditional table games and bingo brought in €18.8 million ($21.3 million). American roulette stood out as the top-earning table game, generating €6.9 million ($7.8 million) in revenue.
Next year, Hard Rock Hotel Algarve will open its doors to Portuguese guests. A casino is not part of the original plans for the construction that will rise near the beautiful sands in Praia do Vau, Portimão.
However, given the company’s stance as one of the world’s largest gaming resorts, the addition of a land-based gambling venue in the future seems plausible.