Portuguese Bettors Wager €504M in Q3 Amid Tighter Rules and Record Tax Receipts

As Portugal’s appetite for online sports wagering reached new heights in the latter half of 2025, punters flooded platforms with more than half a billion euros in just three months, even as operator margins thinned and regulators stepped up oversight.

Quick Facts

• €504.6 M total stakes in Q3 2025, highest of the year

• €99.7 M gross gaming revenue, down from Q1 and Q2

• €89.8 M remitted as Imposto Especial de Jogo Online (IEJO)

• 71.8 % of bets on football, followed by tennis (22.1 %) and other sports (6.1 %)

Betting Boom Meets Leaner Profits

In the three months to September 2025, Portuguese bettors wagered €504.6 M, edging past the €501.9 M recorded in January–March and dwarfing the €457.3 M of April–June. This figure also represents a 4 % uptick over the same quarter in 2024, which stood at €483.4 M. Despite the surge in turnover, gambling operators logged a gross gaming revenue of only €99.7 M, marking a 13 % drop from Q1 and an 8 % decline on Q2, as sharper odds and promotional spending squeezed margins.

Treasury Windfall from IEJO

The state coffers benefited handsomely from the online gambling levy, with €89.8 M funnelled into public finances during Q3. That amount is 8.8 % higher than the €82.6 M collected in the same quarter of 2024. Cumulatively, the first nine months of 2025 have already delivered nearly €244 M in IEJO receipts, keeping Portugal on track to challenge the record €333 M annual haul posted in 2024.

SRIJ Tightens the Screws

To curb risks and ensure market integrity, the Serviço de Regulação e Inspeção de Jogos (SRIJ) rolled out multiple updates in 2025:

• Advertising curbs: stricter time limits and tighter rules on influencer partnerships

• Unified self-exclusion: one request bars participation across all licensed sites

• Enhanced KYC protocols: real-time identity checks with TLS 1.3 encryption

• Reporting mandates: operators must log every wager under Decree-Law 139-D/2025

These measures reflect a shift from passive oversight to active compliance, with nonconformity now carrying stiffer fines and licence risks.

Where the Money Lands

Football remained the overwhelming favourite, attracting 71.8 % of all stakes. The Premier League led individual competitions with 11.4 %, trailed by the Champions League at 9.3 %. Tennis accounted for 22.1 % of bets, largely thanks to punters targeting the US Open (14.9 %) and Wimbledon (12.1 %). All other sports combined represented just 6.1 % of the total volume.

Responsible Gambling in Focus

While revenues climb, addiction specialists warn of a data gap on problem play. The health ministry has yet to release Q3 2025 figures on support requests or clinical referrals, even as charities press for the long-delayed national prevalence study. Industry observers say early-warning metrics and player-protection tools are now urgent priorities.

Looking Ahead: Euro 2026 and Beyond

With the UEFA European Championship set for summer 2026, operators are already designing odds and promotions for Portuguese fans. If betting patterns hold, full-year turnover is likely to surpass €2 B, but whether gross revenue and tax returns keep pace will hinge on how promotional costs and new regulatory requirements influence the bottom line. One thing is certain: in sports-obsessed Portugal, the stakes continue to climb—and so does the scrutiny.