Portugal Shows Significant Online Gambling Growth in Q4 of 2023
LISTEN TO THIS ARTICLE:Portugal has enjoyed online revenue figures of €227.4 million for the fourth quarter of 2023, a year-on-year rise of over 16% for the same period, according to a report released by the Gaming Regulation and Inspection Service (SRIJ) for the region.
The growth in revenue in Q4 came predominantly from the increase in online gaming activity, while land-based casinos and gambling outlets were seen to experience a slight decline during the period. This could be due to players preferring to gamble at home or on the move rather than visiting a gaming venue to have a wager.
The SRIJ revealed there were 17 gaming operators within the Portuguese jurisdiction in 2023, and these companies held 13 licenses for sports betting and 17 licenses to operate games of chance.
Breakdown of Gambling Activity
Online gaming in Portugal in the regulated market contributed a GGR of €227.4 million in the last quarter of 2023. This translates to a 16.4% increase when compared to the same period in the previous year, as well as a rise of more than 5% from the previous quarter and the sixth straight increase in revenues per quarter.
The breakdown of online gaming activity saw €154.5 million achieved from live casinos or 68% of GGR. The remaining €72.8 million was reached by the online sports betting sector, which was down 12.6% when compared to the same period for the previous year. The boom in gambling revenue has led to the authorities in Portugal achieving tax revenues of €81.4m for online gaming for Q4 in 2023. This is a rise of 26.4% in a year-on-year comparison to the same quarter in 2022.
Retail gaming in the region saw a reduction in Q4 with casino revenue in Portugal down 3.9% to €64.6m. Additionally, this was a marked drop of 15.2% in quarter-on-quarter comparison.
Player Self Exclusion Figures Up
The SRIJ statement detailed a continuing rise in the number of players who joined the scheme for self-exclusion from gambling in the fourth quarter of 2023. The number of players on the register now stands at more than 215,000, which is a dramatic rise of 40% in a year-on-year comparison. This shows the promotion of the self-exclusion scheme is effective in reaching players who are at risk from gambling-related harm and that with early intervention this is one of the tools that can be used to create a safe environment for vulnerable gamblers.
More Finance News
RELATED TOPICS: Finance
Latest News
Responsible Gambling
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Portugal Shows Significant Online Gambling Growth in Q4 of 2023