The online gambling sector of Portugal reached an unprecedented milestone in the Q4 of 2025, with revenue rebounding to surpass the €300m mark for the first time in a year.
The market set a new record boot, generating €337.6m in total revenue, effectively surpassing the previous quarterly high of €323m recorded in Q4 2024.
Rebound and Growth Metrics
This performance represents a significant recovery following three consecutive quarters where revenue remained stubbornly below the €300m threshold.
The Q4 figures show a robust 13.6% increase from Q3 2025 and a 4.5% improvement compared to the same period in the previous year.
According to the Gaming Regulation and Inspection Service (SRIJ), the surge was driven primarily by the online casino segment.
- Online Casino: Revenue reached €214m, marking a 15.9% year-on-year increase and an 8.4% rise from the previous quarter.
- Sports Betting: Revenue stood at €123.6m. While this reflects a 10.6% decline year-on-year, it indicates a sharp 23.9% recovery from Q3 2025.
Betting Trends and Market Dominance
The volume of activity across the market saw significant upticks. Total bets in Q4 2025 rose 7% year-on-year to €571.1m, while online casino stakes reached a staggering €5.9bn, representing a 14.8% jump compared to Q4 2024.
Football remains the undisputed leader in the sports betting sector, accounting for 75.6% of all wagers placed in Portugal. Tennis and basketball followed as the next most popular sports, contributing 10.6% and 9.6% respectively. Within the casino vertical, slots dominated the landscape, accounting for 80.4% of all stakes.
Player Base Expansion
The quarter also saw a steady expansion of the regulated player base. By the end of Q4 2025, Portugal boasted 4.9 million registered player accounts. This growth included 231,400 new registrations during the quarter, contributing to a total player account increase of 4.5% compared to the end of 2024.
