Online Gambling Drives Portugal’s Market Growth In 2025

Portugal’s gambling market closed 2025 with increased growth in online activity, while land-based operations await the result of delayed concession tenders. 

Data from the Serviço de Regulação e Inspeção de Jogos shows online gross revenue reached €337.6m in Q4, a 4.5% increase year-on-year and a 13.6% rise from the previous quarter. The figures confirm that digital gambling leads the market, with online casino products accounting for the majority of growth.

Casino products lead as sports betting declines

Online casino games generated €214.0m in revenue, marking a 15.9% increase from the same period last year. Fixed-odds sports betting, by contrast, declined 10.6% to €123.6m.

Casino products accounted for 63.4% of total online revenue, compared to 36.6% for sports betting. The shift reflects a broader European trend where casino-style games drive the majority of digital gambling revenue.

Betting volumes keep rising across both segments. Sports betting turnover reached €571.1m, while stakes on games of chance climbed to €5.9bn. Football remained the primary source of betting activity, representing 75.6% of all wagers, followed by tennis and basketball. Slot-style games dominated online casino play, accounting for 80.4% of activity.

Market concentration increases as growth slows

User growth continued, but at a slower pace than earlier years. Total registered players reached 4.9 million by the end of December, a 4.5% increase year-on-year. New registrations declined by 23.5% to 231,400, indicating a shift toward a more mature market phase.

Market share remains concentrated among a small group of operators. According to data from Blask, Betclic held 23.13% of user interest, followed closely by Betano at 22.55%. Placard ranked third with 11.01%.

Together, the three brands accounted for 56.69% of total user interest, highlighting the dominance of SRIJ-licensed operators in the Portuguese market.

Land-based casinos face uncertainty amid delayed tenders

While online operators expand, Portugal’s land-based casino sector has entered 2026 without clarity on long-term concessions. The government has issued temporary extensions for casinos in Algarve, Espinho and Póvoa de Varzim.

These extensions allow current operators to continue for up to 120 days from 1 January, or until new concession agreements are finalised. Authorities described the measure as necessary to avoid operational disruption while the tender process is completed. Until new operators are confirmed, the land-based sector remains in a transitional phase.