Players Wagered EUR 23 Billion in 2025 as Portugal's Regulated Betting Market Smashed Every Revenue Record

Gross Revenue Topped EUR 1.1 Billion for the First Time, With the State Collecting Nearly EUR 360 Million in Gaming Tax

Portugal's regulated internet betting and casino market shattered its own records in 2025, with players wagering approximately EUR 23 billion over the full year and operators generating gross revenue that surpassed EUR 1.1 billion for the first time, according to data published by the SRIJ, the gambling regulator housed within Turismo de Portugal.

The figures confirm that a market which barely existed a decade ago — Portugal only legalised the sector in 2015 — has grown into one of the country's most dynamic and controversial economic segments.

The Numbers

The trajectory across 2025 tells a story of accelerating growth:

• Q1 2025: Gross revenue of EUR 284.7 million
• Q2 2025: EUR 287 million
• Q3 2025: EUR 297.1 million — an 11.6 per cent year-on-year increase
• Q4 2025: EUR 337.6 million — a new quarterly record and a 4.5 per cent increase over Q4 2024

Across the first nine months alone, total wagers exceeded EUR 16.7 billion, a 10.2 per cent increase over the same period in 2024, with roughly 92 per cent of that volume flowing through casino-style games (slots, roulette, blackjack) and the remainder through sports betting.

The SRIJ data showed that sports betting wagers topped EUR 500 million in the third quarter, though the margin for licensed operators fell to 19.8 per cent — well below the 22.9 to 25.9 per cent range seen in previous quarters — suggesting that competition among bookmakers is intensifying and payouts to punters are rising.

Who Is Playing

The demographic picture is striking. Players under 45 account for 77.4 per cent of all registered accounts, with the 18-to-24 age group alone representing 32.4 per cent of new sign-ups. Lisbon (21.8 per cent) and Porto (21 per cent) dominate geographically, followed by Setúbal, Braga, and Aveiro.

The number of active accounts dipped 3.9 per cent year-on-year in Q3, and new registrations fell 22.7 per cent — a sign that the market may be reaching saturation in terms of player recruitment, even as those who do play are spending more. Just 0.1 per cent of registered players reside outside Portugal.

The State's Take

Portugal's Special Gaming Tax (IEJO) generated EUR 89.8 million in Q3 alone, up 8.8 per cent year-on-year. Extrapolating across the full year at the average quarterly rate suggests the state collected roughly EUR 350 to 360 million in gaming tax in 2025 — a meaningful contribution to public finances.

Combined with territorial revenue (casinos, lottery, and other regulated games), total sector revenue in Portugal exceeded EUR 1.07 billion in the first nine months of 2025, an 8 per cent increase and triple the figure recorded in 2019, according to ECO's analysis of SRIJ data.

The Regulatory Tightrope

The explosive growth comes with growing regulatory scrutiny. The SRIJ has recently activated a centralised self-exclusion portal, and authorities are paying close attention to the demographic data: the same young, urban, digitally native population driving revenue growth is also the cohort most vulnerable to problem behaviour.

The drop in self-exclusion requests — down 4.4 per cent in Q3 — could indicate either improved awareness or, more worryingly, that at-risk players are not seeking help.

Portugal's tax regime for the sector is among the heaviest in Europe, with rates of 15 to 30 per cent on casino revenue and 8 to 16 per cent on sports betting. Operators have argued these rates limit their ability to invest in responsible tools and player protection. The regulator has so far shown no appetite for rate reductions.

What Comes Next

The Q4 2025 record — EUR 337.6 million in a single quarter — sets the stage for what could be an even larger 2026, particularly if the European football calendar (Nations League, Champions League) drives further sports betting activity. But the sector's political fortunes may depend less on revenue growth than on whether player protection measures can keep pace with a market that, by every metric, is growing faster than the regulatory framework designed to contain it.

Sources: SRIJ/Turismo de Portugal, APAJO, Observador, ECO, SIC Notícias, iGaming Business