Portugal iGaming GGR Reaches €337.6M in Q4

In Portugal, iGaming operators’ GGR reached a record €337.6 million in Q4 2025.

Market Financial Performance

GGR and Taxes

The regulator SRIJ published its quarterly report on Portugal’s online gambling market for Q4 2025.

• €337.6M — total market GGR (+4.5% YoY, +13.6% QoQ)
• €214M — online casino GGR (+15.9% YoY, +8.4% QoQ)
• €123.6M — betting GGR (−10.6% YoY, +23.9% QoQ)
• 63.4% vs 36.6% — online casino vs betting share
• €99.3M — IEJO tax revenue (+11.3% YoY)

Market Turnover

Segment Performance

• €5.91B — online casino turnover (+14.8% YoY, +7.7% QoQ)
• €571.1M — betting turnover (+7% YoY, +13.2% QoQ)

Turnover Breakdown

• 80.4% — slots share in online casino
• 5.9% — Banca Francesa
• 4.9% — roulette
• 4.5% — blackjack
• 3.1% — crash games

• 75.6% — football share in betting
• 10.6% — tennis
• 9.6% — basketball

Player Audience

Registrations and Activity

• 4.93M — total registrations (+4.5% YoY)
• 231.4K — new registrations in Q4 (−23.5% YoY)
• 1.22M — active players (−0.6% YoY, +8.2% QoQ)
• 361.4K — self-excluded (+23.6% YoY)
• 7.3% — share of self-excluded users

Player Demographics

• 77.1% — under 45 years old
• 33.1% — aged 25–34
• 95.1% — Portuguese players
• 50.2% — foreigners from Brazil
• 21.8% — from Lisbon
• 21% — from Porto

Market Regulation

Operators and Enforcement

• 18 — active operators
• 32 — licenses
• 58 — cease-and-desist notices
• 116 — website blocking requests
• 2 — referrals to the prosecutor in Q4

Online Casino Share

Segment Growth

The share of online casino in total GGR increased from 57.2% in Q4 2024 to 63.4% in Q4 2025.