Online casino gambling and sports betting are sweeping the globe, so it's no wonder that Portuguese residents are following suit. The Portuguese government's Regulatory and Inspection Services, or SRIJ, is solely responsible for the licensing, regulation, and legality of online casinos and bookies.
According to the SRIJ, online sports betting produced more than four billion euros in income during the preceding five years. There’s speculation that casino game betting increased due to the shutdown of sports during the global pandemic.
We don't know whether these rumours are accurate because the business hasn't slowed down since sports resumed following the outbreak. The expanding number of regulated online casinos can also be related to the rise in online gaming.
Betting culture has always had a strong presence in Portugal and is a part of the daily lives of the Portuguese, as well as the lottery and gambling. From a young age, Portuguese kids are taken by the hand to “Casas da Apostas” (betting houses) and cafes to watch their parents and grandparents place a bet during their espresso break. From sports betting to playing roulette in the casino, the Portuguese are not afraid to play with their money. Despite its notoriety, the Portuguese are used to paying one of the highest tax rates for betting in the world at 44%.
Several revisions to Portugal's internet gambling regulations in 2020 allowed lawful online betting businesses to operate in the nation. There were already 25 betting sites (including casino games and sports betting) with permits to operate in Portugal by March 2023.
Although offline betting is the traditional way in Portugal, where you socialise with the staff at the betting shop and discuss your bets with locals, we can’t ignore the convenience of online betting. You can place a bet remotely from anywhere via a computer, tablet, or phone. Online betting can also be safer as it allows you to look for reviews and find out whether a website is trustworthy. You can also more easily compare betting systems and odds from different companies in a more convenient matter. Several causes might be to blame for the continuous rise in online betting, not just in Portugal but globally.
Factors That Contribute to Increased Online Gambling
The days of just depending on land-based casinos are long gone. Nowadays, there are several online casinos and bookies to choose from. Their popularity has risen dramatically over the years and shows no signs of abating anytime soon.
The reality is that technological advancements have given these enterprises far more attention and recognition than they had previously. But what are the factors that contribute to the popularity of online gambling?
One of the factors that has supported the growth of online casinos is their accessibility. Even in suburban and rural areas, a large number of people have access to the internet.
Players may play whenever and wherever they choose as long as they have an internet connection. When it comes to conventional casinos, this convenience cannot be obtained. Additionally, these days' internet speeds are quicker and more efficient.
Online casinos and bookmakers can offer a much wider variety of games and sports markets than brick-and-mortar establishments can. Land-based establishments are restricted by things like staffing needs and physical space.
Online betting platforms can provide thousands of games like Gates of Olympus and cover almost every sporting event available all in one place without these types of restrictions. Variety draws in customers, and easily switching from one betting form to another only adds to the appeal.
Technological Innovations and Mobile Gaming
Aside from the internet being readily available, many online betting platforms are placing high importance on providing services and games that function just as well as or even better than their browser-based counterparts.
The latest technological advancements and being able to access your favourite betting sites on mobile devices is another major contributing factor to why this industry has experienced such a boom.
Changes in Laws
In the past, gamblers may have stayed away from online platforms due to fears of being scammed. Now that so many governments have established laws and protection policies surrounding online gambling establishments, there’s less fear surrounding the industry.
It’s much easier for players to find reputable and licensed platforms where they know their information and finances will be secure. Players are also more trusting in the fairness of game outcomes in these regulated online casinos.
Bonuses, Free Play, and Promotions
While some land-based institutions may give advantages to loyal customers, they cannot compete with the bonuses and promotions offered by online betting companies. Most online casino games don’t even require money to play. Most sites provide demo games where gamers may utilise virtual credit to play games.
Depositing players may also take advantage of an endless supply of bonuses and promotions. There are no deposit bonuses, welcome bonuses, reload bonuses, free bets, and many other upgrades. Online gamblers may extend their bankrolls and improve their gaming experience in a variety of ways.
Online Betting in 2023 and Beyond
Betting culture has always been popular in Portugal and is an integral part of daily life in the country. Online betting and gaming in Portugal climbed by 24.8% in the first three months of 2023.
When the volume of bets placed was compared to online betting and gaming, it was discovered that it substantially favoured gaming. We may conclude from this that the Portuguese are not afraid to bet with their money, whether on sporting events or casino games.
The state's present regulatory framework for online gambling includes a variety of legislative measures and ideas designed to safeguard and defend the public's interests. The Portuguese government intends to uphold fundamental ideals, which are reflected in the new online betting legislation.
For instance, it contains rules to prevent fraud, safeguard children and the weak, and ensure the integrity of sports by combating the manipulation of sports outcomes.