Portugal’s regulated online gambling market stayed above the €300m mark in Q1 2026, with casino games driving most of the revenue despite a dip from the previous quarter’s record high.
Casino Games Carry the Quarter
Portugal’s licensed online gambling and sports betting operators generated €323.7m in gross gaming revenue during Q1 2026, a 13.7% rise from €284.7m in the same period last year.
That said, the market eased back from Q4 2025, when revenue hit a record €337.6m. The latest total was 4.1% lower quarter-on-quarter, suggesting the market is still growing but no longer racing ahead at quite the same pace.
Online casino remained the main engine. Casino revenue reached €204.2m, accounting for 63.1% of total online gambling revenue in Portugal. That was up 20.3% year-on-year, although it fell 4.6% from the previous quarter.
Sports Betting Volume Rises While Margins Narrow
Sports betting revenue came in at €119.5m, making up 36.9% of the market. That represented a 4% increase from Q1 2025, but a 3.3% drop compared with Q4 2025.
The betting handle told a more upbeat story. Players wagered €587m on sports during the quarter, up 16.96% year-on-year and 2.78% from the previous quarter.
For the average bettor, the most interesting detail is the margin. Operators held 20.4% from sports betting, down from 21.6% in Q4. In plainer terms, players got a little more back this time around, even as betting activity continued to climb.
Tax Revenue Gives the State Another Win
Portugal’s Special Tax on Online Gaming (IEJO) generated €98.1m for the state in Q1 2026.
That was an 18.6% increase from the same period in 2025, giving regulators and lawmakers another reason to like the licensed model. Online gambling remains a tidy earner for the government, even when quarterly revenue takes a small step down.
Market Growth Looks More Mature
APAJO, Portugal’s online betting and gaming association, said the figures point to a market moving into a more mature phase after years of sharper expansion.
The 13.7% annual rise was still healthy, but it was also the second-lowest Q1 growth rate recorded over the past eight years. That is not exactly a red flag, but it does suggest Portugal’s online gambling sector may be settling into steadier growth rather than the rapid jumps seen in earlier years.
Player Numbers Keep Moving Up
The player base continued to expand during the quarter. Active accounts rose 8.6% year-on-year and 8.3% compared with Q4 2025.
New registrations also increased, climbing 10% from Q1 2025 and 23.29% quarter-on-quarter. So while revenue slipped from the previous record, interest from players has not dried up.
For casino players, the message is clear enough: online casino is now the centre of gravity in Portugal’s regulated market. For sports bettors, Q1 offered a slightly better deal than the previous quarter, with more money wagered and a thinner operator hold.
