The online betting and gaming sector has achieved a remarkable milestone by generating a record-breaking gross revenue of approximately €215.3 million in Q3 2023. This represents a notable increase of €9.4 million from the previous quarter. While online games of chance experienced a strong surge of €11.5 million compared to Q2 23, sports betting saw a slight decline of €2.1 million.
However, the combined revenue from both verticals showed an impressive increase of €57 million, indicating a substantial 36 percent year-on-year (y-o-y) growth from Q3 2022. Notably, igaming contributed €44.8 million and sports betting contributed €12.3 million to this surge.
Sports bets in Q3 23 reached €390.5 million, reflecting a 12.1 percent increase compared to Q3 22 and a significant uptick of 9.2 percent from Q2 23. Football emerged as the dominant sport, accounting for 71.4 percent of the total volume of sports bets.
SRIJ identified the Portuguese Primeira Liga, UEFA Champions League, Spain’s La Liga, and the English Premier League as the top football competitions for betting in Q3 23.
Tennis secured the second spot in popularity, capturing around 22 percent of sports bets, with the United States Open and Wimbledon Open leading the way.
As for online gaming, which witnessed a remarkable 47.2 percent surge compared to Q3 2022, machine games were the primary driver of this growth. French Roulette, Blackjack, French Bank, and Poker were the preferred choices among Portuguese players.
Gross revenue from land-based casinos and slot machines in Q3 2023 reached approximately €76.1 million, marking a 14 percent increase from the previous quarter and a substantial 7.8 percent year-on-year growth from Q3 2022.
Bingo activity also experienced growth, with a 9.1 percent increase from Q2 23 and a 3.9 percent increase compared to the same period in 2022. August was the highest-grossing month for bingo, generating €2.39 million, followed closely by July and September with €2.38 million and €2.24 million respectively.
The most popular casino games, including American Roulette, Baccarat, Black-Jack, and the Portuguese dice game French Bank, accounted for around 92.8 percent of the generated gross revenue.
The robust growth of the Portuguese market has attracted new operators like LeBull.pt, driven to propel the industry forward. LeBull’s strategic partnership with Digitain demonstrates a proactive approach to navigate market saturation.
SRIJ remains committed to fostering a safe and responsible gambling environment in collaboration with the industry. Efforts include aligning with the highest European standards and allowing players to self-exclude for up to five years, showcasing Portugal’s dedication to responsible gaming practices.