On March 17, Portugal’s Gaming Regulation and Inspection Service (SRIJ) published the quarterly report. The figures reveal that Q4 revenue was 13.6% higher than in Q3 2025 and 4.5% higher than the same period the previous year, beating the previous quarterly peak of €323m recorded in the fourth quarter of 2024. As for the previous three quarters, the market had spent them below the €300m mark.
Casino Games Did the Heavy Lifting
The largest contributor to Q4 was online casino. Gross revenue from casino products reached €214m, which equated to 63.4% of total market gross revenue, with growth up 15.9% year over year. Sports betting generated €123.6m, down 10.6% from Q4 2024, although it grew strongly from Q3, up 23.9%, to get back to this level. The split vividly shows where the momentum was in the quarter. Casino was driving this record quarter, while sports was sequentially contributing to this result, although it was not driving this result in isolation.
Betting data also supports the same conclusion. The total volume of sports betting online rose by 7% year-over-year, amounting to €571.1m, whereas casino betting rose by 14.8% year-over-year, amounting to €5.9bn. Football betting remains the largest contributor, with 75.6% of the total sports betting volume, followed by tennis at 10.6% and basketball at 9.6%. In casino, slots accounted for 80.4% of the total casino volume. Put together, the data suggests that demand stayed firm, while revenue growth leaned more heavily on casino.
The Market Kept Expanding, but the Shape of Growth Changed
The number of registered accounts also increased, reaching 4.93 million by the end of December (up by 4.5% from the previous year). During the quarter, Portugal reported 231,400 new registrations and 239,200 account closures. The number of active accounts grew by 8.2% from Q3 to 1.22 million, although that figure was still down by 0.6% from the previous year. Self-excluded accounts reached 361,400, which was 7.3% of all registrations.
The bigger picture for 2025, however, makes this quarter more intriguing. The Portuguese online market for the year earned €1.2 billion in gross revenue, while online gambling tax revenues reached a new high of €353m. The market’s annual growth, meanwhile, eased to 8.5%, which Portuguese business media reported as the smallest increase as a percentage ever recorded in the country.
The new high in Q4 looks less like a sudden breakout and more like evidence of a market that is still expanding. However, growth is now happening at a slower and more mature pace, with casino continuing to provide most of the momentum.
