Gambling & Crypto Writer
According to the Portuguese gambling regulator, the online gambling business segment reported revenue growth for the seventh consecutive quarter. High financial results were achieved due to the growth of online casino indicators and online betting operations.
In the third quarter of 2019, Portugal’s income from online gambling amounted to 54.1 million euros. This follows from the report of the Portuguese gambling regulator Serviço Regulação e Inspeção de Jogos do Turismo de Portugal (SRIJ), published on December 13. According to the content of the document, the growth in revenue from online gambling year on year amounted to 39.1%. Revenue also rose by 5.8 million euros compared to the second quarter of 2019.
In the third quarter of 2019, income from online casinos reached 28.2 million euros, which is 2.9 million euros more than in the second quarter of 2019. Earnings from online sports betting totaled 25.9 million euros, also exceeding the previous quarter by 2.9 million euros.
The turnover of sports betting reached 127 million euros, which is two million euros higher than in the second quarter of 2019. 77.5% of the total sports betting came from football.
Tax revenues from online gambling for the third quarter of 2019 amounted to 23.6 million euros, which is 6.4 million euros more than in the third quarter of 2018.
As at September 30, 2019, 18 licensed operators were operating in Portugal, two more than a year earlier. Eight operators accepted online sports betting, and ten operated online casinos.
Online casino revenue increased from 23.3 million generated by the segment in the second quarter to 28.2 million.
Portuguese users made bets totaling 114 million, which is slightly more than the second quarter – 112,1 million. However, slightly below the record level – 131, 3, published in the first quarter of this year. Three-quarters of user bets, or 77, 53%, were in football competitions.
In addition, there is a strong tendency for quarterly growth in the online casino segment: from 699.8 million in the period from April to June to 741.5 million in the third quarter.
Moreover, a significant increase in the number of registered players was noted. In the first quarter, the indicator was 125,200 registrations, in the second – 102,200, and in the third, the number of registered users was 149,000. During the indicated period, 354,100 users made bets.
Portugal’s online gambling market was legalized in May 2016, when the country’s first license was granted to Betclic Everest.
Operators operating under a Portuguese license are currently taxed from 8% to 16% of the bet turnover, while the tax rate for online casinos ranges from 15% to 30% of the gross income from games.
Meanwhile, local media noted that despite a significant increase in all key indicators among licensed operators, the shadow segment is likely to significantly outperform the legal industry. According to a topical study conducted in October at the initiative of the country’s gambling regulator, 56% of Portuguese continue to use the services of unlicensed market participants.