Portugal's online gambling market continued to expand in Q4 2025, reaching €337.6m ($368m) in gross gaming revenue (GGR), while land-based activity declined for a second consecutive quarter.
Online GGR rose 4.5% year-on-year and 13.6% sequentially, according to the Serviço de Regulação e Inspeção de Jogos (SRIJ), with growth driven primarily by casino products. In contrast, land-based casinos and gaming machine halls generated €69.8m in the quarter, down 3.8% year-on-year and 3.5% from Q3.
The divergence between channels has become a consistent pattern through 2025, with online revenue posting gains in three of the four quarters while land-based GGR fell 1.15% for the full year.
The expansion of the online segment was led by casino games, which accounted for 63.4% of total GGR and reached €214m, up 15.9% from Q4 2024. Sports betting generated €123.6m, declining 10.6% year-on-year but rebounding strongly from the previous quarter with 23.9% growth. The online gambling tax (IEJO) collected during the quarter reached €99.3m, up 11.3% year-on-year, reflecting the broader revenue expansion.
Portugal Online GGR by Q4 (€M)
Casino games vs. sports betting revenue, Q4 2021–2025
Total online betting volume approached €6.5bn during the quarter, with €5.9bn attributed to casino games alone, reinforcing the segment's structural dominance. Slot-style machine games represented 80.4% of all online casino wagering, while football remained the leading sport, accounting for 75.6% of total sports betting activity.
Portugal's Primeira Liga led individual competition betting at 11.4%, followed by the English Premier League and the UEFA Champions League, both at 9.5%.
Market participation indicators showed continued expansion, although with signs of moderation in acquisition. The number of registered player accounts rose 4.5% year-on-year to nearly 4.93m, while new registrations fell 23.5% to 231,400 in the quarter.
Regarding age, players under 45 represented more than three-quarters of the user base, with the 25–34 segment holding the largest share. Among new registrants, the 18–24 age group was the most active, accounting for 34.9% of new sign-ups, a figure that may draw regulatory attention given ongoing scrutiny of youth participation across European markets.
At the same time, responsible gambling indicators continued to trend upward. Self-excluded players reached 361,400, increasing 23.6% year-on-year and representing 7.3% of all registered accounts, a ratio that regulators are likely to monitor alongside slowing user growth.
In the land-based segment, self-exclusion requests at casinos rose 30.67% year-on-year to 196 in Q4, with full-year 2025 requests totaling 756, up 16.13% from 651 in 2024.
In the land-based segment, the decline was largely driven by a 22.7% drop in banked table games and a 5.6% fall in non-banked games. Slot machines, which account for nearly 79% of retail GGR, posted a modest 2.3% increase, partially offsetting broader losses but underscoring the segment's reliance on machine gaming.
Bingo operations generated €7.2m in Q4 revenue, up 3.9% quarter-on-quarter but down 2.3% year-on-year, reflecting ongoing pressure across retail verticals.
On the enforcement front, SRIJ issued 58 closure notifications to unlicensed operators during the quarter and flagged 116 websites for ISP-level blocking, bringing cumulative totals since the regulatory framework launched in June 2015 to 1,633 notifications and 2,747 blocked sites.
Portugal has issued 1,633 closure notices and blocked 2,747 illegal gambling websites since 2015
