Portugal reached €227.4 million or $246.8 million in online gambling revenue in Q4 of 2023. This smashed records for the sixth consecutive quarter. The fourth quarter revenue marks a 5.6% increase from the previous high of €215.4 million set in third quarter. Moreover, a remarkable 16.4% surge compared to the same period in 2022.
In particular, online casino games accounted for the lion’s share of revenue. It reached €154.5 million or $168.6 million, 40.7% higher than in the last year.
Consumer spending on online casino games also soared to new heights. It totaled to €3.84 billion or $4.2 billion. It is a 28.7% increase year-on-year. Slots dominated the betting landscape. It attracted 83% of all bets and was followed by French roulette at 6.9% and blackjack at 4.7%.
Sports betting revenue experienced a decline in contract to the impressive growth in online casino gaming. It dropped to €72.8 million or $79.4 million. There was a 14.8% decrease compared to €85.4 million in the same period of 2022. Nonetheless, player spending in this segment witnessed a significant uptick. It reaches €532.1 million or $580.6 million. There was a 16% increase from the last year.
Football accounted for 74.7% of all wagers making it as the top choice for sports bettors. Basketball follows at 10.8% and tennis at 9.7%.
With 319, 500 consumers opening new accounts during the quarter, the surge in online gambling activities was accompanied by a rise in new registrations. This is in comparison to 237, 600 in the recent year. By the end of the fourth quarter, about 4.2 million online accounts were active.
In Q4, there was an increase of 18, 400 from the previous quarter and about 63, 200 more than the year-ago quarter. Self-exclusion from online gambling rose to 215, 000 in the fourth quarter in Portugal.