Online Casinos Thrive in Portugal While Sports Betting Declines

Across the globe, the gambling industry experiences different trends. People do enjoy wagering on sports and gaming at casinos. The enjoyment might not be equal across the board. In Portugal, for example, sports betting seems to be on the decline while online casinos seem to be doing quite well.

The decline of sports wagering in Portugal coincides with the increased interest of online wagering. Why this is so is somewhat curious. Convention wisdom dictates players would stick with what they are familiar. Someone who wagered on sports for years wouldn’t seem likely to quit just because online casino wagering arrives on the scene. This bit of conventional wisdom doesn’t seem to be the case here.

Sports wagering posted declining revenue numbers for the beginning of the year. The first quarter of 2018 shows sports wagering declined €2.7 million from the last quarter of 2017. Online casinos continue to post strong numbers. Monetary growth in the casino sector appears to be trending in an upward direction. Slot machines fuel the strong revenue growth in the casino market. In fact, slot gaming appears to be the overwhelmingly popular gaming choice of visitors to online casinos.

If slot gaming didn’t exist, a great many gamblers might not even be interested in online casinos. Sports wagering, however, wouldn’t automatically find itself booming with the absence of casino gaming. Other factors contribute to sports wagering’s decline.

A tax burden placed on sports wagering enterprises doesn’t help their growth. The levying of the taxes occurred right after a 2016 boom period. Huge revenues caught the eye of government authorities. The imposition of taxes followed. This lead to operators of sports gaming sites grumbling about closing up shop.

The previous boom period also raises questions. In 2016, the big Euro tournament contributed to significant revenues. No one should be surprised about this. A tournament drawing significant interest among fans across Europe likely would stimulate wagering. Once a major tournament ends, interest in a particular sports wanes. Casual fans don’t place wagers when there’s a lull in sports. That alone contributes, in part, to a decline in sports wagering revenues.

All is not doom and gloom for the sports wagering world. The overall revenue figures for sports wagering continue to be impressive. However, the downward trend cannot be ignored. Those running sportsbook must prepare for any future declines in revenue. If the money figures continue to drop, putting a plan of action into motion must become a priority. Hopefully, things won’t decline too much. If they do, a decent plan exists to deal with the situation.