Online Betting Soars to Record Highs in Portugal, Driven by Young Adults

Portugal, known for its Mediterranean climate, irresistible cuisine, and reputation as a luxury destination, is also seeing a surge in online gambling. In the last quarter of 2023, Portuguese gamblers spent over €277 million on online games, making it the most profitable year ever for betting companies.

Data collected by the Serviço de Regulação e Inspeção de Jogos (SRIJ), the Portuguese gambling regulator, reveals a clear picture of online gambling activity in Portugal, encompassing both sports betting and casino games. The key takeaway? The Portuguese continue to have a strong appetite for online betting, and this trend shows no signs of slowing down.

2023: A Record-Breaking Year for Sports Betting in Portugal

The online gambling sector in Portugal reached a record turnover in 2023, with over €1.7 billion circulating through major sports betting sites. This represents a 16% increase compared to 2022 and dwarfs the €392 million recorded in 2018, the year the SRIJ began publishing its quarterly statistical reports.

Several factors contribute to the success of online sports betting in Portugal. Firstly, there are an increasing number of licensed gambling services operating in the country, with the number of licenses issued by the SRIJ rising from 25 in 2022 to 30. This increased competition has led to more attractive promotions for new players, such as welcome bonuses.

Furthermore, Portugal has a natural fascination with the world of sports, particularly football, making the country particularly fond of sports betting. However, the main driver is the continued adoption of this form of online entertainment by young people.

Over 319,000 New Players, Mostly Young Adults

In the last quarter of 2023, the SRIJ recorded the registration of over 319,000 new players in Portugal, a 6.3% increase compared to the same quarter last year. According to the same statistical report, the majority of new players are between 18 and 34 years old, representing the youngest segment of the population.

More than half of Portuguese bettors (60.9%) are between 18 and 34 years old, while only 31.9% are between 34 and 54 years old. Finally, only 7.2% of registered players are over 54 years old, clearly indicating that online sports betting is an activity for younger people.

Regarding the preferred sport among the Portuguese, there is no doubt: football wins by a large margin (74.7%), followed by basketball (10.8%), a sport growing in popularity in the country, and tennis (9.7%), which has always been a popular sport in the context of sports betting.

Unsurprisingly, the districts with the most registered players in betting houses are Porto (21.1%) and Lisbon (20.8%), followed by Braga and Setúbal (both with 8.7%). More than 95% of bettors in Portugal are Portuguese, with Brazil accounting for more than half of the remaining nationalities.