Is the market started to plateau?

Portugal.- After three years of runaway growth, Portuguese online gambling revenue dropped quarter-on-quarter in Q1 2025. That’s according to the latest data from the Portuguese gambling regulator, the SRIJ.

Online gambling gross revenue (GGR) came in at €284.7m in the quarter. The total was up 9 per cent year-on-year but down by 12 per cent compared to the record GGR of €323m reported in the last quarter of 2024. It’s the first quarter-on-quarter decline since since Q2 2022 and the largest quarterly drop since 2018. Year on the year, the growth was much lower than the growth seen in previous quarters.

Online casino gross gaming revenue totalled €169.7m, up 6 per cent year-on-year but down 8 per cent quarter-on-quarter. Online sports betting gross revenue came in at €114.9m, a rise of 14 per cent year-on-year but down by 17 per cent compared to Q4 2025.

The end of a series of ten consecutive quarters of sequential growth could be a sign that the market is now maturing a decade after online gambling was regulated in 2015. However, the number of active online gambling accounts continued to rise in the quarter, climbing by 7 per cent to 4.8 million. Meanwhile tax collection was in line with government targets at €82.7m.

The SRIJ reported that in Q1, there were 30 licensees on the Portuguese online gambling market: 13 offering online sports betting and 17 offering online casino gaming. For full-year 2024, online gross gambling revenue reached €1.01bn, rising by 42 per cent year-on-year.