Portugal Posts 24.8% Increase for Online Betting Market in First Quarter of 2023
LISTEN TO THIS ARTICLE:Portugal's Gaming Regulation and Inspection Service (SRIJ) have released its Q1 2023 financial report for the online betting and gaming market in Portugal. An increase of 24.8% has been noted from the same period in 2022.
Portugal's online gambling market generated a gross gaming revenue (GGR) of €196.4m ($209.7m) in the first three months. This is an improvement from the €147.7248 million gotten in Q1 2022 and the €195.3m, the market reported in Q4 of last year.
Online sports betting reported the highest GGR at €85.7m of the total, while the other verticals accounted for €110.7m. During the quarter, players wagered €441.4m on sports betting, up 19.5% year-on-year but down 3.8% from Q4 2022. €2.97bn was placed in other betting aspects online during the quarter.
Football got the highest number of sports betting wagers, collecting 70.6% of the total. Bets on tennis and basketball amounted to 25%.
According to the SRIJ, by March 31, 2023, the number of players that were registered on the Portuguese self-exclusion list came to 166,300.
Land-based First Quarter Results
Land-based casinos and game machine rooms generated a total of €65.9m for Q1 2023, up by 22.2% year-on-year but a 1.7% decline compared to last year's Q2.
Gaming machines contributed €50.9m to the GGR, showing a 15,9% rise, while €998,490 in GGR came from non-banked games, including poker tournaments and bingo during the quarter.
Lastly, other forms of land-based gaming, except poker and bingo, completed the land-based GGR for Q1 2023 with €14m.
Positive Trend for Portuguese Betting Market
The Portuguese online gambling market has undergone several significant changes in recent years, which has aided the continual increase of its GGR year-on-year.
In 2015, the country introduced a new regulatory framework for online gambling, laying the foundation for its thriving online gambling market. Licensing and regulation, taxation, and player protection were some of the key points discussed in the framework.
Portugal subjects operators to a 25% tax on income, which seems tolerable due to the recent influx of online gambling businesses in the region.
The latest financial report shows that gambling has become increasingly popular amongst Portugal residents. This could lead to more operators expanding into the Iberian country in the foreseeable future.
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