TLDR
- Portugal’s online gambling market generated €337.6 million in gross revenue in Q4 2025, up 4.5% year-over-year and 13.6% quarter-over-quarter.
- Casino games drove €214 million in revenue, up nearly 16% from last year, making up over 63% of total market revenue.
- Sports betting revenue fell about 10% to €123.6 million despite a 7% increase in total betting volume.
- Players wagered €5.9 billion during the quarter, with slots accounting for over 80% of all bets placed.
- The regulator blocked 116 unlicensed websites and reported over 361,000 self-exclusion requests by year-end.
Portugal’s online gambling market closed out 2025 on a high note. The country’s regulator, the SRIJ, released its latest quarterly figures showing record gross revenue for the final three months of the year.
The market brought in €337.6 million in gross revenue during Q4 2025. That figure is 4.5% higher than the same period in 2024. It also marks a 13.6% jump from the previous quarter.
Casino games were the main driver of growth. Online slots and table games generated €214 million in revenue. That is a nearly 16% increase compared to Q4 2024.
Sports betting told a different story. Fixed-odds sports betting brought in €123.6 million. That was roughly a 10% drop from the end of 2024.
Casino Games Dominate the Market
Casino games now account for more than 63% of total market revenue in Portugal. Slots remain the most popular product by a wide margin, taking up over 80% of all bets placed.
Players wagered a total of €5.9 billion during the quarter. That is almost 15% more than the same period last year.
Beyond slots, players spent time on roulette, blackjack, and crash-style games. A local favorite called banca francesa also saw action. Poker made up just over one percent of total play.
On the sports side, total betting volume actually rose 7% to €571 million. The drop in operator revenue despite higher volumes suggests bookmakers faced tighter margins during the quarter.
Football dominated the sportsbook. About 75% of all sports wagers were placed on football matches. The most popular leagues were Portugal’s Primeira Liga, the English Premier League, and the Champions League. Tennis and basketball rounded out the top sports.
The higher revenues translated into more tax income for the Portuguese government. Operators paid €99.3 million through the country’s special online gambling tax. That gave the state an 11% boost in tax income compared to the year before.
Player Growth and Regulation
Portugal now has 18 licensed operators running 32 active platforms. These cover sports betting, casino games, and some bingo products.
Total player registrations reached nearly 5 million. Operators added more than 230,000 new accounts during the quarter alone. Around 1.2 million people actively placed bets during the three-month period.
The market skews young. Players under 45 make up 77% of all registered accounts. The 25 to 34 age group alone represents a third of the entire market. Most players are Portuguese nationals, though Brazilian expats make up half of the foreign player base.
On the regulatory front, the SRIJ continued its enforcement efforts. The regulator sent dozens of cease-and-desist letters to unlicensed operators during the quarter. Internet providers were ordered to block 116 unlicensed gambling websites.
Two cases were referred directly to the Public Prosecutor’s Office. Self-exclusion requests also continued to climb, with over 361,000 users requesting account locks by year-end. That figure represents about 7% of all registered users.
