After a period of growth, Portugal’s online gambling market has recorded its first quarter-on-quarter revenue decline in almost three years.
According to the latest figures from the national regulator SRIJ, gross gaming revenue (GGR) for Q1 2025 fell to €284.7m (£246.4m), a 12% drop from the record-breaking €323 million (£279.6 million) posted in the final quarter of 2024.
This marks the largest quarterly decline since 2018 and ends a streak of ten consecutive quarters of sequential growth.
Despite the quarterly dip, the market still posted a 9% year-on-year increase, signaling that overall momentum remains positive but may be entering a phase of adjustment.
Online casino revenue reached €169.7m (£146.8m), up 6% year-on-year but down 8% compared to the previous quarter.
Online sports betting generated €114.9m (£99.4m), a 14% rise from Q1 2024 but a notable 17% fall from Q4 2024’s peak, when major football events fuelled exceptional betting activity.
The slowdown follows a record-setting 2024, during which Portugal’s online gambling sector surpassed €1bn (£865.5m) in annual revenue for the first time, up 42% year-on-year.
The fourth quarter of 2024 was particularly strong, with both online casino and sports betting segments achieving double-digit growth and driving player engagement to new heights.
Football remained the dominant sport for bettors, accounting for roughly three-quarters of all sports wagers. While the number of active online gambling accounts continued to grow, rising 7% to 4.8 million, the pace of new registrations and overall player activity appears to be stabilising.
As of Q1 2025, Portugal’s online gambling market features 30 licensed operators, with 13 offering sports betting and 17 providing online casino games.
Tax collection from the sector remained robust, totalling €82.7m (£71.5m) for the quarter and meeting government targets.
The first quarter revenue dip is seen by many as a sign that Portugal’s online gambling market is entering a more mature and possibly plateauing phase. However, the long-term trend remains upward, with the sector well-positioned for continued growth and regulatory stability in the years ahead.