PORTUGAL Trends and Developments Contributed by: Pedro Cortés and Luís Portela de Carvalho, Lektou
Introduction Portugal’s gambling industry in 2025 reflects a mature, rules-based framework with stabilising online perfor- mance and a steady ‒ if structurally constrained ‒ land- based recovery. The regulatory architecture, guided by Decree-Law No 66/2015 ( Regime Jurídico dos Jogos e Apostas Online , or RJO) for online gaming and betting, the older Decree-Law No 422/89 for land- based casinos, and Decree-Law 31/2011 for bingo operations, continues to provide a predictable legal environment under the supervision of the Serviço de Regulação e Inspeção de Jogos (SRIJ). The system rests on three well-defined pillars: • online gambling and betting, under an individual licensing regime; • land-based casinos and bingo, under geographi- cally exclusive concessions; and • lotteries and mutual bets, under the exclusive operation of Santa Casa da Misericórdia de Lisboa (SCML). Despite the absence of wholesale legislative reform, 2025 has seen renewed political attention to adver- tising, responsible-gambling and structural reform ‒ signalling that the sector may enter a new phase of regulatory modernisation. Online Performance and Fiscal Metrics By mid-2025 the online segment maintained strong. Following a record gross gaming revenue (GGR) of approximately EUR323 million in Q4 2024, the first two quarters of 2025 yielded EUR284.7 million (Q1) and EUR287.0 million (Q2), sustaining year-on-year growth of roughly 9–10 %. Collections of the Special Online Gaming Tax ( Imposto Especial de Jogo Online , or IEJO) reached EUR82.7 million in Q1 and EUR81.2 million in Q2, totalling EUR163.9 million for H1 2025 and broadly aligning with fiscal outcomes of the previ- ous year. The player registry surpassed 4.9 million accounts, with 1.1 million active during the quarter. Self-exclu- sion registrations climbed from 309,000 at end-Q1 to 326,000 at end-Q2 (approximately 27% year-on- year and 6% quarter-on-quarter), indicating sustained awareness of safer-gambling tools.
Online casino and bingo games generated approxi- mately 62% of total GGR, while fixed-odds sports betting contributed the remaining 38%. Within casi- no gaming, slot machines remain dominant (approxi- mately 79% of wagers), followed by French roulette and blackjack. In bingo, participation has been steady since the COVID-19-era surge in online social formats, with moderate but consistent revenue contribution and strong engagement among older demographics. Market structure remains moderately concentrated: 18 licensed operators hold 31 active authorisations (13 fixed-odds betting; 18 online casino/bingo) follow- ing the mid-2025 addition of YoBingo (BingoSoft plc), a newly issued bingo-operator licence. Regulatory progress continued through SRIJ Instruc- tions Nos 23/2025, 24/2025 and 25/2025, which harmonised XML reporting standards for baccarat, transactional flows and hourly financial summaries ‒ strengthening transparency, traceability and audit consistency across all verticals, including online bin- go. Land-Based Sector – Casinos and Bingo The land-based sector experienced modest yet steady recovery. Casino GGR reached EUR64.5 mil- lion in Q1 2025 and EUR65.4 million in Q2 (2.6% growth year-on-year), with slot machines generating about 78–79% of total revenue. Table-game growth was led by American roulette, with blackjack showing notable resurgence. Traditional bingo operations ‒ governed under the same 1989 law but outside casino premises ‒ remain a smaller and more volatile segment, producing EUR6.9 million (Q1) and EUR6.3 million (Q2) in GGR. Demo- graphically, the bingo market remains significant in social and community contexts, though hall operators face ongoing cost pressures and competition from online formats. A headline development of 2025 is the public tender process for five new 15-year concessions across three zones: Algarve (three casinos: Vilamoura, Monte Gor- do and Barlavento); Espinho (one casino); and Póvoa de Varzim (one casino). Each tender is evaluated using a multi-factor framework weighted 35% for the
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