Last Updated: 16 february 2026
Portugal is a quiet but incredibly lucrative iGaming market that many tend to overlook. It already offers stable online regulation, growing demand for online casinos and sports betting, a reasonable tax model, and a player base that is comfortable making deposits online and has no reservations about legal operators.
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Portugal’s online market has been operating in the legal light for nearly a decade. The online gambling law was passed back in 2015, and since then, local iGaming has been growing year after year. In 2024, the online sector posted a record-breaking €323 million in revenue for a single quarter. By the end of 2025, total online gambling had climbed to around €1.11 billion in GGR. This is no experiment or gray offshore zone; it’s a mature, well-established ecosystem: over 30 licenses, separate licensing for casinos and betting, and clear, transparent rules for entry and compliance.
Why should an affiliate care? Because you’re not just directing traffic into a void. The country already has 4.7 million registered accounts on licensed platforms, and that number is growing by roughly 15% year-on-year. Here’s what that means: the audience is educated. They’re not afraid to enter their card details, they’re used to KYC procedures, and they’ve seen dozens of offers before. In a market like this, you can break through with smart creatives, a solid UX, a localized approach, and a proper funnel, instead of wasting energy fighting a basic distrust of online casinos.
When you look at the revenue breakdown, it gets even more interesting. In Q2 2025, Portugal’s online gambling market generated €287 million in GGR, with online casinos accounting for 62% and sports betting making up 38%. The picture was very similar at the end of 2024: casinos contributed around 57% of revenue, slots took roughly 80% of all casino traffic, and football dominated the sports side, driven by the Champions League, the local Primeira Liga, and the English Premier League.
For a media buyer, this is a clear signal:
The regulation here isn’t chaotic, it’s predictable. The online market is overseen by the Serviço de Regulação e Inspeção de Jogos (SRIJ), operating under the RJO, a separate legal framework for online gambling and betting. For players, the goal is simple: a safe and transparent environment, control over addictive practices, AML compliance, and protection from black-market operators. For the market, it’s a clear set of rules that allows licensed operators to work properly, pay taxes (the special IEJO online tax already brings the state tens of millions of euros per quarter), and operate without fear of a sudden shutdown.
For a media buyer, this is a win. Stable regulation means ad networks, payment systems, and operators all work with clear, predictable processes. Sure, blatant “make a million in an hour” creatives might not pass moderation. In return, you get the freedom to build a sustainable long-term game through quality content, local pain points, and honest offers that outlast any single campaign. The market isn’t suffocated by crackdowns. In Q2 2025, Portugal had 17 licensed online operators holding 30 active licenses (13 for betting, 17 for casinos), and they still managed to deliver nearly 10% year-on-year GGR growth.
From a traffic perspective, Portugal isn’t just a local market. In its Q4 2024 reports, SRIJ explicitly notes that Brazilian players make up a significant share of operator pools. According to one overview, Brazilians account for more than half of all online accounts. For the product, this creates a blend of Latin and European behavioral patterns within a single stack. For an affiliate, it’s an opportunity to play at the intersection of audiences: build links with Portuguese-language content and targeting, and optimize creatives for two major clusters at once.
So why should affiliates enter this market? Because it’s Europe with solid purchasing power and a natural affinity for online entertainment, but without the overheated competition of top-tier markets like the UK or Scandinavia. The market is still growing at double-digit rates. In Q4 2024, betting turnover hit €5.1 billion for the quarter (up 21% year-on-year), and the number of active accounts (meaning players who actually placed a bet) surpassed 1.2 million. That’s a solid foundation for scaling: volume is there, demand is steady, and performance competition hasn’t yet burned the place to the ground.
For operators, Portugal’s appeal lies in being a mature, regulated EU jurisdiction with clear SRIJ oversight and a well-oiled tax framework. Online operators pay the special IEJO tax, which alone contributed €81.2 million to the state budget in Q2 2025. This translates into business predictability and solid leverage when dealing with banks, investors and payment providers.
This Portugal overview on 3S.INFO works like a terrain map: you get a clear picture of what’s driving the market (the shift toward online casinos, football betting, slots as the main revenue engine) along with the key limitations to keep in mind and why it’s not enough to simply drive players to registration; you need to build a proper LTV model. For operators, this overview makes it clear that the country has moved past the experiment stage and is evolving into a sustainable European hub. Regulation is in place, GGR is growing, players are active, and illegal operators are steadily pushed out through blocks and fines. The entire iGaming industry is watching Portugal as a case study in turning what was once a banned online gambling space into a transparent, regulated, and still highly profitable model. For media buyers, this means that everything is already in place for civilized traffic: clear white-market demand, licensed products, a living, breathing audience, and the potential for long-term setups. If you play by the rules and treat the market not as a one-time campaign, but as a platform for sustained earnings.
Based on data from reports: Portugal’s Online Gambling Market Hits Record in Q4 2024 / 2025; Portugal Online Gambling Market Begins to Slow in Q1 2025; Portugal: iGaming Performance in Q4 2024; Portugal’s Online Gambling Market Surges Past €287 Million in Q2 2025; Legal Framework for Online Gambling and Betting — SRIJ; Comprehensive Guide to Gambling Laws in Portugal 2024.
In Portugal, iGaming legislation is no longer an experiment. It’s a well-tuned system with clear rules for casinos, bookmakers and their partners.
Online gambling and betting in Portugal operate under a separate legal regime, the Legal Framework for Online Gambling and Betting (RJO), introduced by Decree‑Law No. 66/2015 of April 29, 2015. The regime came into force on June 28, 2015, legalizing licensed online casinos and online betting, while imposing strict requirements on operators and taxation.
The RJO clearly states: any online games and bets accessible to players in Portugal must be offered through licensed operators. The model itself is liberal (multiple operators are permitted) but heavily regulated when it comes to reputation checks, financial stability, and technical requirements.
The key state player is the Instituto do Turismo de Portugal, I.P. (at the institutional level), with the Serviço de Regulação e Inspeção de Jogos (SRIJ) operating under its wing. Within the institute, there is also the Comissão de Jogos (Gaming Commission).
Official regulator portal: SRIJ (Serviço de Regulação e Inspeção de Jogos); the section on online regulation and normative framework is available on the Turismo de Portugal website.
Together, they form the “regulation + oversight” duo.
For online gambling in Portugal, the approach is straightforward: without a SRIJ license, it is illegal to accept players, while the license itself is only granted after a rigorous review of legal documents, financial standing, and technical compliance.
Online gambling and betting licenses are issued specifically by the Gaming Commission (Comissão de Jogos), operating within the SRIJ structure. The Commission decides on applications, approves rules and technical standards, and monitors compliance with the terms of concessions and licenses.
Information on the regulatory framework, requirements and the list of licensed operators can be found on the official SRIJ resource (RJO and licensing sections on the Turismo de Portugal website).
The RJO provides licensing for:
Licenses are issued by activity type: an operator can obtain a separate license for casino, a separate one for sports, or multiple license types simultaneously, provided all requirements are met.
License Costs and Annual Fees
On top of that, there’s the special IEJO tax (Imposto Especial sobre o Jogo Online), collected monthly from operators:
A nice touch for players: winnings from licensed operators are exempt from income tax, meaning the tax burden falls on the operator, not the user.
So here’s the takeaway for operators and affiliates: the market is fully legalized, licenses are issued by SRIJ through the Comissão de Jogos, entry requirements are strict but transparent, the cost of entry is significant. However, in return, you gain access to a stable, white EU market with predictable regulation and long-term working combinations.
In Portugal, the online market has been fully and seriously regulated for years, giving rise to a clear pool of brands, ranging from international giants to strong local players.
Online gaming and betting are overseen by the Serviço de Regulação e Inspeção de Jogos (SRIJ). On the regulator’s website, there’s a dedicated “Entidades licenciadas” page listing all brands, their legal entities, websites, and license numbers. It also shows who operates in casino, who in sports, and who covers both verticals.
In the Portuguese market, you’ll find nearly the full roster of European giants — all operating strictly under local licenses:
For affiliates, the upside is clear: these are recognizable names with strong branding, solid conversion rates, and a decent reputation among players. They’re easier to resell through brand queries, reviews and the review format itself.
A distinct layer of the market consists of purely Portuguese or deeply localized brands:
Local operators have a major advantage: audience trust. These are brands people see offline, at football matches, in local media. That plays perfectly into SEO, content and review-based strategies.
So here’s the takeaway on Portuguese gambling operators: you’ve got the full lineup of major international brands plus strong local players, all operating within SRIJ’s white market, with licenses and websites listed on the official registry. That gives you a solid foundation for long-term links: traffic flows to trusted brands, players sign up without hesitation, and you can actually build proper LTV instead of chasing one-time installs on sketchy domains.
Portugal takes the gray market seriously: online gambling is only legal for those holding an SRIJ license. Everyone else is gradually squeezed out through blocks and fines.
The basic principle is simple: if an operator does not hold a license from Serviço de Regulação e Inspeção de Jogos (SRIJ), it is considered illegal, and its activities are deemed a violation of online gambling law, and in some cases, even a criminal offense.
SRIJ, together with the Gaming Commission and law enforcement authorities:
Technically, the crackdown relies on the SRIJ + ISPs + payment methods triangle.
Since 2015, these mechanisms have led to the blocking of over 1,500–2,200 illegal websites and the issuance of hundreds of notifications demanding that access to the Portuguese market be shut down.
In Portugal, illegal online gambling is not merely an administrative offense; it entails both administrative and criminal liability.
Players who knowingly participate in illegal games may also, in theory, face financial penalties and confiscation of winnings, especially if it can be proven they were aware of the platform’s unlawful status.
For the market, this all means one thing: Portugal is systematically clearing out the gray segment and pushing to keep only licensed operators in the online space. For media buyers, it’s a practical signal to work with white brands under SRIJ, and keep in mind that local users are increasingly able to tell the difference between legal sites and those trying to bypass the rules.
iGaming in Portugal isn’t growing out of nowhere. The country has a long history of gambling, a clear regulatory framework, and a nearly fully digitized population that’s comfortable with online payments and smartphones.
Gambling in Portugal began to emerge from the shadows as early as the 20th century. The turning point came with the opening of Casino Estoril near Lisbon. Its first operations date back to 1916, and by 1927, the Gambling Act was passed, establishing the basic framework for land-based casinos under state control.
The market then followed a classic European trajectory. The state gradually expanded the list of permitted gambling forms, introduced concessions for casinos and bingo halls, and strengthened oversight. By the early 2000s, it became clear that the online segment already existed de facto, and between 2003 and 2010, preparations for a legal framework for iGaming began.
The pivotal step was Decree‑Law No. 66/2015, which in 2015 legalized online casinos and online betting, laying the foundation for the current RJO regime (Legal Framework for Online Gambling and Betting). From that point on, iGaming in Portugal began operating legally under SRIJ licenses, with strict requirements for operators, but clear rules of the game.
Portugal is a country in southwestern Europe, located on the Iberian Peninsula. It shares its only land border with Spain and is bordered by the Atlantic Ocean. The population in 2026 is estimated at approximately 10.2–10.3 million people, comparable to countries like Czechia or Sweden, but significantly smaller than neighboring Spain (47–48 million).
Largest urban agglomerations: Lisbon (~ 3.0 million people in the broader metropolitan area; Porto (approximately 1.3 million); followed by Amadora (~180,000), Braga (~120,000), Setúbal (~117,000), and Coimbra (~106,000).
The official language is Portuguese, but that doesn’t mean the country is not open to English-language content. According to various studies, a significant portion of the population has everyday and working proficiency in English. In the EF English Proficiency Index, Portugal consistently ranks in the “High proficiency” category. This means younger audiences and urban players are perfectly comfortable with interfaces, support, and content in English, especially in iGaming products.
The official currency is the euro (EUR). As an EU and Eurozone member, this makes things seamless: both for payment processing and for calculating stakes, deposits, and CPA/RevShare models.
In terms of internet penetration, Portugal looks very solid. In 2024, approximately 88–89% of the population were internet users, almost on par with the European average.
Smartphones are the primary gateway to the internet. Mobile access rates are very high, and in practice, most users access online casinos and betting sites via their phones. Mobile internet and smartphone statistics show Portugal is fully on trend. The vast majority of users under 45 own a smartphone and use it for payments, social media, gaming, and media consumption.
For iGaming, it all adds up to a convenient picture:
Against this backdrop, Portugal’s iGaming market is logically expanding. In 2024–2025, online casinos and sports betting posted record volumes and double-digit GGR growth, while the number of registered accounts at licensed operators has already surpassed 4.5 million. Thus, nearly half the country has, in one way or another, engaged with legal iGaming.
In Portugal, iGaming is all about a young, mobile-savvy, mostly male crowd: glued to their phones, hooked on slots and football, and totally fine with depositing online.
According to official statistics and market research, here’s the picture: the core of online players is made up of men under 45, with a very strong concentration in the 25–34 age bracket. Industry reports show that around 79% of users are under 45, with the 25–34 group accounting for roughly 34% of all registered accounts, and another 22% coming from the 35–44 segment. New registrations are mostly driven by 18–24‑year‑olds: about 31% of all new accounts. In terms of gender, the market is heavily male‑dominated: one survey found that 27% of men had placed online bets, compared to just 4% of women.
Geographically, the pattern is expected. Lisbon and Porto account for over 42% of the audience; these are also where the money, the tech‑savvy users, and the football fans are concentrated.
Financially, this isn’t an “elite high‑roller” crowd; it’s mostly urban middle‑class and young professionals with a steady income, a habit of online shopping, and comfort with mobile payments. Players are tech‑savvy: high smartphone penetration, no friction with KYC, and fully onboard with digital banking.
(Based on data from the Portugal iGaming Market Research Report)
What grabs their attention?
Combo approaches work well: sports as an entry point (a lead magnet tied to a match or tournament) followed by a cross‑sell to casino, especially since 42% of active players engage with both iGaming and sports betting.
Online casinos currently dominate the revenue side. According to the latest Portugal iGaming Market Research Report, slots account for around 80% of casino revenue, meaning they’re the real cash engine for operators. Live tables (roulette, blackjack) and other games are present, but they function more as complementary products: the core money machine is slots.
What Sports Do They Bet On?
Sports betting in Portugal is heavily football‑driven. In Q3 2024, football accounted for 72.7% of all betting volume, tennis came in second with 21.2%, while all other sports combined made up just around 6.1%.
What this means for affiliate marketing:
Esports, compared to football and tennis, remains a niche segment. It’s present in the betting lines, but the market isn’t posting big numbers for it yet. In analytical reports, esports is either barely mentioned or lumped into the “other sports” category (the one that makes up about 6.1% of all bets). So it’s more of a side vertical than a primary driver.
Based on demographic and behavioral data, the following perform strongly in Portugal:
In Portugal, having the right payment methods isn’t just a “nice to have”, but a must for CR and retention. The audience is used to its local options, and if those aren’t available, deposit conversion will be noticeably less cheerful.
Why does this matter? First, the market is fully legalized, so payments go through official banking channels, local systems, and well‑known fintech services. Users expect to see familiar logos at the checkout. That directly impacts trust. Second, operators in Portugal are required to operate within local regulations and AML requirements, which imposes constraints on both the choice of payment methods and withdrawal processes.
Popular Payment Methods
The latest Portugal iGaming Market Research Report clearly states that the backbone of iGaming payment methods consists of Multibanco, MB Way, bank cards, and e‑wallets.
Crypto doesn’t play a major role in Portugal’s legal segment. Licensed operators stick to transparent fiat channels, which are easier to monitor and align with SRIJ requirements.
The Role of Banks and Mobile Apps
Banks and their mobile applications form the key infrastructure for deposits and withdrawals:
The result is an audience that can easily deposit with a tap inside their banking app: no extra steps, and with high trust in the process itself.
For operators in Portugal, it’s critical to:
For affiliates, this means:
Put it all together, and you get a clear picture: a young, digital‑native audience that lives on their smartphones, loves slots and football, deposits through Multibanco/MB Way, and converts best with brands that feel local, legal, and technically seamless.
Portugal isn’t some hyped-up wild GEO, but a stable European market that’s been growing in the white for years and keeps directing money into online casinos and sports betting. For an affiliate, that means not just a lucky shot, but a real opportunity to build a proper, long-term story.
The online market here took off a while ago. In 2024, online gambling posted a record €323 million in GGR for a single quarter, and by 2025, total market revenue had crossed €1.11 billion. This is a mature segment with 30 licenses (17 for casino, 13 for sports) and over 4.6 million accounts at licensed operators, meaning nearly half the country has engaged with online casinos or sports betting at least once.
For affiliates, this means:
On the money side, the picture is attractive:
Besides, many programs offer hybrids (lower CPA + steady RevShare), and for volume, they’re open to discussing exclusives (higher rates, custom landing pages, VIP terms on holds and leads).
The niches for affiliate marketing here are obvious:
The regulation here isn’t just for show. SRIJ actively monitors marketing, social media, and influencers, especially after the surge in illegal promos featuring Plinko and easy money.
At the same time, solid entry windows remain:
No revolutions are expected in the next three years. However, we can anticipate:
If you’re playing the long game, it makes sense to lean into brand media: SEO, reviews, guides, operator comparisons, responsible gambling content, not one‑off aggressive creatives.
The market has reached a stage where blunt clickbait underperforms compared to solid content and a well‑thought‑out funnel. Reviews of the Portuguese iGaming scene emphasize that operators actively use sports sponsorships, social media, TV, and online content, while bonuses remain one of the key acquisition tools.
Working Channels for This GEO:
SEO hacks for Portugal are pretty straightforward, but they work:
Specific influencer names and chat groups are best selected based on your own strategy and within local compliance guidelines. Overall, Portugal has:
Given that SRIJ and the media are increasingly cracking down on illegal promos, brands are making a point of working with influencers who are willing to play by the rules, and who don’t mix legal and illegal platforms in the same content.
*The social network Instagram is blocked in Russia by court order.
If you boil it down to a simple formula, making money in Portugal looks like this:
Mini-Checklist for Launch:
Portugal is a regulated, growing, and still not overheated market where online casinos and betting have already become part of everyday digital life.
Key Insights:
If you’re looking for a European GEO you can work for more than just one season, Portugal is exactly that kind of market: not the loudest, but incredibly rewarding for those who play the long game.
Portugal is a mature white EU market with clear regulation, a dedicated RJO framework, and SRIJ oversight, where online casinos and betting have been operating legally since 2015. It has 30+ licenses, over 4.6–4.7 million registered accounts, as well as an online GGR of around €1.11 billion per year. The audience is already accustomed to online deposits, KYC, and legal brands. Yet, the market isn’t overheated and continues to grow at double‑digit rates.
The main revenue generator is online casinos. In 2024–2025, they accounted for roughly 57–62% of GGR, with slots taking about 80% of casino income. Sports betting contributes 38–43% of turnover, and here football dominates heavily (Primeira Liga, Champions League, top European leagues), with tennis in second place. Esports is a niche story: still a supplement, not a driver.
Online casinos and betting are governed by the Legal Framework for Online Gambling and Betting (RJO), introduced by Decree‑Law No. 66/2015, which requires that all online games and bets offered to Portuguese players go through licensed operators only. Licenses are issued by the Comissão de Jogos within SRIJ, which reviews legal, financial, and technical compliance. The market operates under the special IEJO tax: online casinos pay around 30% of GGR, fixed‑odds betting pays 8% of turnover, while player winnings from licensed operators are exempt from income tax.
The core audience consists of men under 45, with a particularly strong share in the 25–34 age bracket, living in the major urban areas of Lisbon and Porto, with a steady income and a habit of mobile payments. What grabs them: a strong brand (Betano, Betclic, ESCOnline, Solverde, etc.), smooth mobile UX, promos tied to football and popular slots. Moreover, the “sports → casino” funnel works best, since a significant portion of active players engage with both betting and casino games, with slots and crash games serving as the main LTV engine.
Local payment methods are a must‑have. Players expect to see Multibanco, MB Way, bank cards, and familiar e‑wallets. Crypto is barely used in the white segment. In marketing, the best results come from localized content in Portuguese (pt‑PT), a strong focus on football and slots, and clear messaging around legality and responsible gambling. As for channels, SEO, reviews and rankings, social media, streaming, and influencer marketing all perform well. Since SRIJ closely monitors promotions, companies that build honest, long‑term partnerships with licensed brands are more likely to succeed than those running one‑off aggressive campaigns.
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