During the first quarter of the year, Portugal’s online gambling segment posted record revenue of €47.3 million, the local regulator revealed.
Portugal.- The iGaming segment continues to evolve and several countries are thriving on its success. Portugal became the latest to see how well online gambling can do, as it posted record figures during the first quarter.
As reported by Serviço Regulação e Inspeção de Jogos do Turismo de Portugal (SRIJ) revenue reached €47.3 million. That is 43.8% better year-on-year and €4.3 million higher than 4Q18. It was the highest figure ever reported in a single quarter since May 2016, when the segment launched.
Sports betting operators generated combined revenue of €24.8 million, up 42.5% year-on-year. Furthermore, betting turnover jumped almost 30% to €131.3 million, pushed by football, which accounted for nearly 73% of it.
‘Games of chance’ revenue in Portugal’s online gambling segment reached €22.6m, up 46%. Turnover also rose 43.5% to €608.6 million and slots accounted for 63.5% casino spending.
The European Gaming and Betting Association (EGBA) called for Portuguese gambling authorities to review the country’s tax rules for online gambling. The association wants the country to improve the functioning of its online market.
The EGBA statement comes after Portuguese media reported that 75% of local online gamblers are playing outside of Portugal’s regulated online gambling market. This means that the state doesn’t get valuable tax revenue from gambling and leaves local players unprotected.
EGBA has urged authorities to apply equal taxes across all online gambling products – and based on gross gaming revenue (GGR). This will ensure the regulated Portuguese market becomes more attractive to players – because a sensible taxation level will lead to better priced betting odds – and pull into the regulated market more of the 75% of Portuguese players who are now playing on websites not regulated in Portugal.