The Casino Market in Portugal Good in 2018, Amazing in 2019
Three years in, the regulated iGaming market in Portugal is showing signs of growth and strength. While the country’s gambling industry has been losing some clout to offshore markets, Portugal seems to be on a perpetual growth track so far as domestic online gambling goes.
According to data revealed by Serviço Regulação e Inspeção de Jogos do Turismo de Portugal (SRIJ)
, the third quarter was a strong one for the iGaming sector in the country. Gross gaming revenue (GGR) continued to climb and new account registrations at domestic websites kept raising.
Presently, the country works with 11 online gambling companies which hold 18 licenses in total. Operators managed to collect a total of $60.3 million. Portugal’s coffers managed to raise $26.25 million in taxes compared to only $7.12 million a year before, regulator numbers revealed.
Meanwhile, results have been great for casinos in Portugal
. Overall, operators managed to bag $31.37 million, a slight increase from the results last year. Sports betting also stood high at $126.82 million, a shade better than 2018’s $14.71 million second quarter figures.
New Registrations Continue to Come Through
Apart from showing strong signs of improvement in terms of revenue, Portugal has been giving its all to boost marketing efforts. While a lot of the population focused on playing at offshore operators in pre-2016 terms, this has been changing.
In Q1 2019, 125,200 new accounts
were registered. The second quarter brought in impressive figures as well, with 102,200 new account registrations
, and Q3 noted the strongest results with almost 150,000 new Portuguese players
joining the domestic gambling market.
With one-third of a million new registration, Portugal is finally taking control of its iGaming industry dominated so far by offshore operators. The interest in the market hasn’t quite relented despite an exorbitant tax rate that has claimed over 50% of company revenue on more than one occasions.
Talking Gambling Tax in Portugal
In 2017, Portugal famously claimed 66% of all revenue from Betclic
. In 2018, the government began deliberating a new 25% flat tax on all types of online gambling activities
. The move was discussed in a bid to replace the existing adjustable system that scales with the size of the business.
Presently, Portugal adjusts the tax rate between 15% and 30% depending the type of operation as well as the size and revenue of the company. However, this may change if the new law is adopted.
Since the measure was first discussed in 2018, no progress has been made. Portugal’s market has posted very good overall Q3 2019 as well. The industry’s worth in terms of GGR reached EUR 54.1 million compared to EUR 38.8 million in 2018.
Sports betting GGR also soared to EUR 25.9 million, the highest on record and even stronger than the betting bonanza surrounding the FIFA 2018 World Cup. According to official data by the Serviço de Regulação e Inspeção de Jogos (SRIJ) 2019 has been the strongest year on record for Portuguese online gambling so far.