Santa Casa da Misericórdia de Lisboa Posts Best Financial Result in 17 Years — Lottery Sales Hit EUR 3.1 Billion

The Santa Casa da Misericórdia de Lisboa (SCML), one of Portugal's oldest and most influential institutions, recorded a net profit of EUR 43.6 million in 2025 — a 44 percent increase over the previous year and the highest result in 17 years. The announcement, made on Wednesday, highlights the growing financial power of an organisation that channels billions in lottery revenue into state coffers and social programmes.

Lottery Revenue Powers the Surplus

The main driver remains Portugal's state-licensed lottery and gaming operation, Jogos Santa Casa. Gross lottery sales reached EUR 3.143 billion in 2025, the best performance in five years. Of that total, 97.3 percent was returned to society through prizes, taxes, and social transfers. The gaming arm transferred approximately EUR 870 million to the Portuguese state, the second-highest figure in the past five years.

Lottery revenue accounted for EUR 206.9 million — or 67.1 percent — of SCML's total recurring income of EUR 308.4 million, representing growth of 4.1 percent. The remainder comes from healthcare services, social care, property income, and other activities managed by the institution across its network of hospitals, care homes, and community centres in Lisbon.

Cash Reserves Surge Ahead of Schedule

Perhaps the most striking figure in the annual report is the cash position. SCML's treasury balance reached EUR 108 million, a 55 percent increase over 2024. The institution said it had surpassed the cash target set in its strategic plan two years ahead of schedule, providing a substantial financial cushion for future investment in social infrastructure.

The turnaround is notable. In recent years, SCML had faced criticism over financial management and governance. The current leadership, installed in 2024, has focused on operational efficiency and revenue diversification. Wednesday's results suggest those efforts are bearing fruit.

What Santa Casa Actually Does

For readers unfamiliar with the institution, SCML occupies a unique position in Portuguese public life. Founded in 1498 by Queen Leonor, it is neither a government agency nor a private charity but a canonical institution under special state oversight. It operates hospitals — including the Hospital de Sant'Ana and the Hospital Ortopédico — care homes for the elderly, centres for people with disabilities, and programmes for homeless populations.

Critically, it holds the exclusive national licence to operate lottery games, scratch cards, and sports betting under the Jogos Santa Casa brand. The revenue generated funds not only SCML's own social work but also contributes directly to the state budget, particularly for health and social security spending. The institution estimates that its total economic contribution to Portuguese society exceeds EUR 1 billion annually when all transfers are included.

Implications for Policy

The strong results arrive as the government debates the future regulatory framework for online gambling. Portugal legalised online casino and sports betting in 2015, but Jogos Santa Casa's physical lottery monopoly has remained protected. Any expansion of digital competition could erode the revenue base that funds both the state transfer and SCML's social services.

For now, the numbers tell a story of institutional recovery and financial strength. Whether Portugal's 528-year-old charity can maintain that trajectory will depend on how well it adapts to an increasingly digital gambling market — and whether the government continues to shield its privileged position.

Sources: Observador, Jornal Económico, ECO, Renascença, RTP, SCML