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Portugal’s Online Gambling Revenue Hits Record €215.3M in Q3 2023

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Witness a historic surge in Portugal’s online gambling revenue.

Q3 2023 marks a groundbreaking achievement in the market.

Explore the driving factors behind this remarkable growth.

Delve into the details of Portugal’s thriving gambling industry.

Portugal’s Online Gambling Hits Record Heights in Q3

Portugal’s online gambling revenue soared to an unprecedented €215.3M in Q3 2023, eclipsing previous records and demonstrating robust market growth.

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Dominance of Online Games of Chance

Online games of chance played a pivotal role, contributing €133.4M to total revenue, a staggering 50.5% increase year-on-year. This segment, predominantly fueled by slots, French roulette, and blackjack, accounted for 62.0% of all online gambling revenue.

Consumers’ Growing Investment in Online Gambling

The total expenditure on online gambling reached a new high at €3.65 billion, with slots leading the spending spree.

Challenges in Online Sports Betting

Despite overall growth, online sports betting faced a decline, with Q3 revenue at €81.9M. Football, tennis, and other sports betting activities witnessed increased player spending, but the segment experienced its third consecutive quarter of decline.

Responsible Gaming: Rising Self-Exclusion Numbers

The Gaming Regulation and Inspection Service (SRIJ) revealed an increase in self-exclusion, with 196,600 players opting out, highlighting a growing awareness of responsible gambling practices.

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Active Player Participation and Account Management

The quarter also saw a surge in new online registrations and a notable number of account cancellations, indicating active player engagement in the market.

SRIJ’s Vigilance Against Illegal Operations

SRIJ’s efforts to regulate the market included the shutdown of 23 illegal gambling websites, reaffirming its commitment to maintaining a secure gambling environment.

Land-Based Gambling Also on the Rise

Transitioning from online to land-based, the sector also witnessed growth, with revenue climbing to €76.1M. Slot machines remained the dominant force, while baccarat, American roulette, and blackjack also contributed significantly to the sector’s success.

Conclusion: A Thriving Future for Portugal’s Gambling Industry

Portugal’s gambling industry, both online and land-based, is thriving, with Q3 2023 setting new benchmarks. This trend signifies not only the market’s potential but also the effectiveness of regulatory measures and the growing commitment to responsible gaming. As the industry continues to evolve, it stands as a model of success and sustainability in the dynamic world of gambling.

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Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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Finance

New Jersey Shatters Gambling Revenue Records in January Amid Digital Boom

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New Jersey’s gambling industry has embarked on a record-setting journey in 2024, driven by the robust performance of internet gambling and sports betting. While in-person casino winnings face headwinds, the strategic pivot towards digital platforms presents new opportunities for growth and engagement. As the industry evolves, the blend of traditional gambling with innovative online experiences will shape the future of gambling in New Jersey and beyond.


A Monumental Start to 2024 for New Jersey’s Gambling Sector

January 2024 marked a historic moment for New Jersey’s gambling industry, as four major revenue records were eclipsed, heralding an unprecedented start to the year. Despite a decline in in-person casino winnings, the surge in internet gambling and sports betting revenue underscored the evolving landscape of the gambling sector in the state.

Record-Breaking Achievements

The Division of Gaming Enforcement’s latest figures revealed that the total winnings across Atlantic City’s nine casinos, three horse tracks, and their online partners soared to over $559 million, up 28% from the previous year. This remarkable growth was fueled by a significant uptick in internet gambling revenue, which reached $183 million, and sports betting revenue, which nearly doubled to $171 million.

The Shift to Digital Platforms

The transition to online gambling channels was further accentuated by harsher winter weather in January 2024, which contributed to a downturn in in-person casino winnings. Jane Bokunewicz of the Lloyd Levenson Institute at Stockton University suggested that the inclement weather likely redirected brick-and-mortar activity to online platforms, thereby boosting internet gaming and online sports betting totals.

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A Closer Look at In-Person Casino Winnings

Despite the overall increase in revenue, in-person casino winnings continued to experience a downturn, still trailing behind pre-pandemic levels. January’s in-person casino winnings totaled just over $205 million, marking a 3.1% decline from the previous year. This ongoing challenge highlights the shifting preferences of gamblers and the growing importance of digital gambling avenues.

The New Leaders of Atlantic City

The performance of Atlantic City’s casinos varied, with the Borgata, Hard Rock, and Ocean casinos leading the charge. These three establishments were the only ones to report higher in-person winnings in January compared to four years prior, indicating a changing dynamic within Atlantic City’s casino industry.

The Surge in Sports Betting

New Jersey’s betting scene was further energized by a record $1.71 billion in sports wagers placed in January, shattering the previous record and underscoring the state’s dominant position in the sports betting market. The Meadowlands Racetrack, in particular, enjoyed a 137% increase in winnings from sports bets, highlighting the lucrative potential of sports wagering in the state.

The Digital Dilemma: Sharing Revenue with Third-Parties

One of the challenges facing casinos in this digital era is the necessity to share revenue with third-party providers, including tech platforms and sportsbooks. This revenue-sharing model underscores the complex economics of online gambling and sports betting, where the casinos’ take-home is significantly reduced.

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The Road Ahead: Adaptation and Innovation

As New Jersey’s gambling industry continues to break records and redefine expectations, the emphasis on digital gambling platforms becomes increasingly apparent. The industry’s adaptability and willingness to embrace innovation will be crucial in sustaining growth and navigating the challenges posed by changing consumer preferences and regulatory landscapes.

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