Portugal’s sports betting industry has witnessed impressive growth as sports enthusiasts continue to increase gambling activity. According to Turismo de Portugal in the Ministry of the Economy, Innovation and Development, Portugal’s sports betting revenue hit €103.3 million, rising more than 23% from the same period last year.
In addition, sports bettors spent €462.3 million in the quarter, a 29.3% rise from 2023.
Portuguese football is attractive to many lovers of the sport and has contributed significantly to the sports betting culture across the country. More people are willing to stake varying amounts to get a piece of a market enjoying so much attention that its benefits are gradually extending to digital assets.
Enthusiasts betting on football are now going the crypto way, placing bets and withdrawing earnings through online platforms. In addition to joining a budding sports betting market, players also enjoy fast withdrawals, tailored rewards, a wide variety of games, and several supported crypto options. These perks and many more are also available to Mega Dice crypto casino users who want more action than is obtainable through sports betting. Players can enjoy many different casino games, including classic and novel variations, in addition to live games, game shows, and a unique crash games option for rare and innovative games not available on other online gambling platforms.
According to official figures from Turismo de Portugal, football is the most popular sporting activity bet on, accounting for more than 69% of all bets placed in the quarter. Specific sports betting funds spent on other sports include €9.1 million for tennis, €5.2 million for basketball, and volleyball’s €500 million. Others are €417 million for handball, €96 million for badminton, €51 million for billiards, and €50,000 for roller hockey. However, while overall spending increased, spending in the quarter fell by 19.5% compared to Q1.
Since football unsurprisingly enjoys plenty of attention, the Portuguese Football Federation (FPF) is the country’s biggest recipient of sports betting revenue, earning €37.9 million in 2023. The FPF also gets a large percentage of the special tax levied on online gambling activities.
For sports betting in particular, the Portuguese football league earned €76.2 million in 2023. Funds received are geared towards football clubs, helping to develop youth academies, upgrade stadiums, and invest in player training.
Interestingly, Portuguese football is also popular among Arabs, with many fans regularly watching games and betting accordingly. One reason why Arab enthusiasts follow the country’s football leagues is the introduction of Portuguese superstars to leagues in the Arab world. For instance, Cristiano Ronaldo joined Saudi club Al-Nassr FC in 2022, while Rúben Neves signed with Al-Hilal in 2023.
According to reports, sports betting revenue is expected to hit $247 million by the end of 2024, with a possible $320 million by 2029. These numbers highlight the increasing popularity of sports betting in the country. In the past five years, the industry has seen about €6 billion, nearly equivalent to tourist accommodation revenue in 2023.
Figures from the Gaming Regulation and Inspection Service of Portugal (SRIJ) show that the gross revenue from sports betting consistently increased. The SRIJ also revealed that UEFA Champions League games received the most attention in the last quarter of 2023, with 10.2% of all football bets. This was higher than the English Premier League at 10.1% and the Portuguese League at 9.9%.
