Part 2: Portugal by numbers
that if gaming GGR maintains the
levels achieved in the last three
quarters, then a total of between
€60m to €70m would appear to be
achievable for 2018. As with sports
betting, the effect of new market
entrants and the rest of the football
World Cup will doubtless have a
big influence on that end of year
number.
are the largest product overall at
56%. Poker, both cash poker and
the tournament variety, are worth
a combined 20% of the gaming
market (see Chart 10). At present,
PokerStars remains the only poker
provider in the market. On these
percentages, poker was worth circa
€3.3m in the second quarter.
Casino by product Online market share
assessment
The figures from SRIJ also break
down the gaming segment by
product. As can be seen, slots Within sports betting, we can
assume that Betclic is the market
leader followed by Bet.pt, but we
Chart 10: Portugal online gaming by product 2Q18 (%)
Tournament poker 5%
Cash poker 15%
Blackjack 9%
Slots 56%
Roulette 15%
Source: SRIJ
Chart 11: Estimated market shares 1Q18
Estoril Sol 22%
Betclic 35%
Source: SRIJ
14
PokerStars 8%
Others 35%
have no estimates on market share
from either one. However, Casino
Estoril’s parent, the listed Estoril
Sol, provides some market share
evidence in its first quarter interim
results statement.
The company shows that in the
first quarter, it made a total of €5.5m
from total gaming (ex-poker) market
GGR of €13.4m, equating to a 41%
market share. Meanwhile, in sports
the company calculates it made
€1.7m from a market total of €17.4m.
In total, Estoril Sol achieved a
GGR of €7.2m in the first quarter,
or 21% of the total. However, the
regulator has since adjusted down
gaming GGR for the first quarter, as
we have seen, to €15.5m, bringing
the total market GGR down to
€32.9m. On the assumption that
Estoril Sol’s revenues haven’t been
marked down in sympathy, it means
that its total market share in the
first quarter stood at close on 22%.
Staying with the first quarter, we
know that poker was worth €2.8m
or 8.5% of the total. Meanwhile,
sources suggest that Betclic was
worth around 35% of the first
quarter total or €11.5m.
Hence our market share
breakdown in Chart 11, current as of
the first quarter.
Where the SAS venture Placard.
pt will sit in the ecosystem will
be one debating point for the
future, as will be the fate of any
other new entrants such as the
aforementioned Luckia. It is likely
the first of these, in particular,
will grow the market as well as
potentially grab market share.
In this, much will depend on the
marketing efforts.
Portugal: The challenges and potential in one of Europe’s most controversial markets