Portugal’s online gambling revenue surges to €337.6m in Q4 2025

Portugal’s regulated online gambling sector continued its upward trajectory in the fourth quarter of 2025, with gross revenue reaching €337.6 million. The latest figures, released by the Serviço de Regulação e Inspeção de Jogos (SRIJ), reflect a period of stable expansion, underpinned by strong performance in casino-style gaming and sustained user engagement across licensed platforms.

The quarterly results show a 13.6 percent increase compared with the previous quarter and a 4.5 percent rise on a year-on-year basis. While the overall trend indicates resilience in Portugal’s regulated gambling framework, the underlying dynamics reveal contrasting developments between casino gaming and sports betting segments.

Casino segment drives market expansion

Casino-style games remained the primary engine of growth throughout the quarter. Revenue generated from jogos de fortuna ou azar, which includes online slots and table games, reached €214.0 million. This represents a notable 15.9 percent increase compared with the same period in 2024.

The data highlights the continued dominance of online slots within the casino category. These games accounted for 80.4 percent of total wagers placed in this segment, reinforcing their position as the most popular offering among players. Other game types contributed smaller shares, including banca francesa at 5.9 percent, roleta francesa at 4.9 percent and blackjack at 4.5 percent. Crash-style games accounted for 3.1 percent, while poker in both tournament and non-banked formats represented a combined 1.2 percent.

The overall betting volume within the casino segment reached €5.9 billion during the quarter, marking a 14.8 percent increase year-on-year. This growth reflects both increased player activity and a broader diversification of gaming options available through licensed operators.

Sports betting shows mixed performance

In contrast to the strong performance of casino games, fixed-odds sports betting recorded a decline in gross revenue despite an increase in betting activity. Revenue from apostas desportivas à cota stood at €123.6 million, representing a 10.6 percent decrease compared with the fourth quarter of 2024.

However, betting volume in this category rose by 7.0 percent year-on-year, reaching €571.1 million. This divergence suggests that while more bets were placed, payout levels or betting outcomes may have reduced operator margins during the period.

Football remained the dominant sport, accounting for 75.6 percent of all sports wagers. Tennis followed with 10.6 percent, while basketball represented 9.6 percent. Within football betting, Portugal’s Primeira Liga contributed 11.4 percent of wagers, while the English Premier League and the UEFA Champions League each accounted for 9.5 percent.

These figures underline the continued popularity of both domestic and international football competitions among Portuguese bettors.

Market structure and licensing landscape

As of 31 December 2025, the Portuguese online gambling market comprised 18 licensed operators holding a total of 32 active licences. These licences included 13 for fixed-odds sports betting, 18 for casino games and one for online bingo.

The regulatory framework, overseen by the SRIJ under Turismo de Portugal, continues to maintain a controlled environment aimed at balancing market growth with consumer protection.

Gross revenue in the sector is calculated as the difference between the total amount wagered and the prizes paid out to players, providing a standardized measure for evaluating operator performance across different segments.

Tax contributions reflect sector expansion

Tax revenue derived from online gambling also recorded an increase during the quarter. The Imposto Especial de Jogo Online, commonly referred to as IEJO, generated €99.3 million, representing an 11.3 percent rise compared with the same period in the previous year.

This growth in tax receipts reflects both higher overall activity and the effectiveness of Portugal’s regulated framework in capturing revenue from licensed operators. The IEJO remains a central component of the country’s fiscal approach to online gambling, ensuring that market expansion contributes to public finances.

Player activity and registration trends

The number of registered players continued to grow, reaching 4.93 million by the end of December 2025. This represents a 4.5 percent increase on a year-on-year basis. During the quarter alone, 231,400 new registrations were recorded, while 239,200 accounts were cancelled.

Active player accounts, defined as those placing at least one bet during the period, totaled 1.22 million. This figure reflects a modest 0.6 percent decline compared with the same quarter in 2024 but an 8.2 percent increase relative to the third quarter of 2025.

Demographic data indicates that players under the age of 45 account for 77.1 percent of all registrations. The 25 to 34 age group represents the largest segment, comprising 33.1 percent of users. Portuguese nationals make up 95.1 percent of registered players, while Brazil accounts for 50.2 percent of foreign registrations, highlighting strong cultural and linguistic ties.

Rise in responsible gambling measures

Responsible gambling indicators also showed notable changes during the quarter. The number of self-excluded players reached 361,400 by the end of December 2025, representing 7.3 percent of all registered accounts. This marks a 23.6 percent increase compared with the same period in 2024.

During the quarter, 50,200 new self-exclusion requests were submitted, while 31,000 self-exclusion periods expired. These figures suggest increased awareness and utilization of responsible gambling tools among users.

Portugal’s regulatory system continues to emphasize player protection through mechanisms such as self-exclusion, deposit limits and monitoring of operator practices. These measures are designed to ensure that market growth does not come at the expense of consumer welfare.

Enforcement actions against unlicensed operators

Enforcement activity against unlicensed operators remained an integral part of the regulatory framework. Since the introduction of the Regime Jurídico dos Jogos e Apostas Online in June 2015, authorities have taken consistent action to restrict illegal gambling operations.

Between 2015 and the end of 2025, a total of 1,633 notifications were issued to unlicensed operators, requiring them to cease activities within Portugal. In the fourth quarter of 2025 alone, 58 such notifications were sent.

Additionally, 116 websites were identified for blocking during the quarter and two cases were referred to the Public Prosecutor’s Office for further legal review. These actions reflect ongoing efforts to safeguard the regulated market and protect licensed operators from unfair competition.

Conclusion

Portugal’s online gambling market demonstrated steady and structured growth in the final quarter of 2025, supported primarily by the strong performance of casino gaming. While sports betting experienced a decline in gross revenue, the increase in betting volume indicates continued engagement from players across different segments.

The regulatory framework, overseen by the Serviço de Regulação e Inspeção de Jogos, continues to play a central role in maintaining market integrity, ensuring compliance and promoting responsible gambling practices. Rising tax contributions and sustained player registration growth further reinforce the sector’s economic significance.

At the same time, the increase in self-exclusion requests highlights a growing awareness of responsible gambling tools, suggesting that consumer protection measures are gaining traction alongside market expansion.

Looking ahead, the Portuguese online gambling sector appears well-positioned to maintain its growth trajectory, provided that regulatory oversight remains consistent and adaptive to evolving market conditions. The balance between commercial success and responsible governance will likely remain a defining feature of the industry’s development in the coming years.

FAQs

What was Portugal’s online gambling revenue in Q4 2025?
Portugal recorded €337.6 million in gross online gambling revenue during the fourth quarter of 2025.

Which segment contributed the most revenue?
Casino-style games generated the majority of revenue, accounting for 63.4 percent of the total.

Did sports betting revenue increase?
No, sports betting revenue declined by 10.6 percent despite an increase in betting volume.

What is IEJO?
IEJO is the special online gambling tax applied to licensed operators in Portugal.

How many licensed operators are active in Portugal?
There were 18 licensed operators holding 32 active licences as of December 2025.

What is the total number of registered players?
The total number of registered players reached 4.93 million.

How many players were active during the quarter?
Approximately 1.22 million players were active during the period.

What percentage of players are under 45?
Players under the age of 45 represent 77.1 percent of all registrations.

What is self-exclusion in gambling?
Self-exclusion allows players to voluntarily restrict their access to gambling platforms.

How does Portugal handle illegal gambling operators?
Authorities issue notifications, block websites and may refer cases to the Public Prosecutor’s Office.