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Portugal’s Online Gambling Generates Record Revenue in Q3 2023

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Portugal’s online gambling industry reached a new peak in the third quarter of 2023, achieving revenue of €215.3 million.

Q2 had set a record total market revenue of €122 million and Q3’s figure exceeded this by 4.6%. Comparing year-on-year figures, Q3 2023 revenue was up 36.1% from the €158.2 million recorded in the same period in 2022.

The iGaming segment was a major contributor, generating €133.4 million in revenue during Q3. This figure not only marks a 50.5% increase from the previous year but also constitutes 62.0% of the total online gambling revenue in this quarter.

A notable rise in consumer spending was also observed, with €3.65bn spent on online games of chance, a 47.2% increase. In this category, slots dominated with 82.3% of the total expenditure, followed by French roulette and blackjack, accounting for 6.4% and 6.2%, respectively.

Sports Betting Falls

Despite the overall rise in online gambling revenue, the sports betting sector fell. The revenue from sports betting in Q3 stood at €81.9 million, which, although 17.7% higher than the previous year, was 2.5% lower than the second quarter. This decline marks the third consecutive quarter of reduced earnings in this sector.

However, player spending on online sports betting saw a 12.1% increase year-on-year, totaling €390.5 million. Football remained the most popular choice for bettors, drawing 71.4% of the bets. Tennis followed with 22.2%, and other sports collectively accounted for 6.4%.

The third quarter report by the Gaming Regulation and Inspection Service (SRIJ), Portugal’s national gambling regulator, said that by the end of Q3, the number of players who had self-excluded from online gambling reached 196,600, a 42.5% increase from the same point in 2022.

The quarter also saw an influx of 205,200 new online gambling registrations and a cancellation of 97,800 accounts. By the end of Q3, there were 3.9 million active online gambling accounts in Portugal. Additionally, 23 websites were told to cease operations during this period.

Land-Based Gambling Also Sees Growth

There was also an increase in revenue from land-based casinos. The third quarter saw land-based gambling revenues reach €76.1 million, marking a 14.0% increase from the previous year. The revenue from physical slot machines was a significant portion of this, amounting to €57.2 million, a slight increase of 1.0% from the previous year and comprising 75.1% of the quarter’s total revenue.

Revenue from casino-style and bingo games also saw a rise of 35.6%, contributing €18.9 million. In terms of individual games, baccarat generated €5.9 million, American roulette €5.8 million, and blackjack €3.3 million in Q3 revenue.

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