Find banking partners for your Portuguese iGaming business

With projected2023 revenues of €735 million and an annual growth rate of 5.1%, Portugal’s online gaming industry is looking very healthy. And in a country where almost20% of the population gambles online, the potential for iGaming firms is significant.

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Challenges for Portuguese online gaming firms

Perhaps the biggest challenge for online gaming firms in Portugal is the country’s comparatively high tax rates (25% for most types of gambling revenue), which comes on top of other regular corporate taxes. Since online gaming is a relatively new industry, many firms struggle to find banking partners who can set up payment accounts and process deposits/winnings – the industry is viewed as ‘high risk’ by many Portuguese banks.

Who regulates online gaming in Portugal?

The  Serviço de Regulação e Inspeção de Jogos do Turismo de Portugal(SRIJ) is responsible for processing online gaming license applications in the country. Licenses are issued for three years, and cost between €12,000 and €18,000depending on gambling type (plus other fees). Applicants must also make deposits of €500,000 as a guarantee of legal obligations and €100,000 as a guarantee of the online gambling special tax.  

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Discover Portugal iGaming payment solutions with iGaming Core

Want to launch an online sportsbook or casino in Portugal? Then you will need a bank account, payment account or electronic money institution that can operate in the country. And this is where iGaming Core helps:

• We learn about your operations, business structure, license type and target market
• We advise you on suitable payment accounts for your Portuguese iGaming company
• We find a partner to process payments for your Portugal online bookmaker or casino
• We can introduce you to Portuguese iGaming compliance consultants

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Portugal card processing for online bookmakers

Multibanco is the favoured system for instant bank transfers in Portugal, and lets players deposit funds with you without any charge. Credit and debit cards such as Visa, MasterCard or Maestro are also popular. Some Portuguese gamers opt for e-wallets and the Paysafecard.  

Contact us today to start accepting payments to your Portuguese iGaming website

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