Online poker operators in Portugal generated €2.8 million in revenue during the third quarter of 2018 from cash games and tournaments, the lowest amount for any quarter on record since the regulated market opened in 2017.
For the first time, revenue from poker tournament entry fees (€855,000) surpassed 30% of all online poker revenue during the quarter. Conversely, revenue from poker cash games dipped below the €2 million mark for the first time.
On an annual basis, cash game revenue fell nearly 33% while tournaments brought in almost 14% less revenue than they did in Q3 2017.
Estimated monthly revenue figures show that in addition to lower year-over-year revenue, poker did not follow the trend of month-on-month rising revenue during the quarter. Uncharacteristically, September did not perform better than August. Instead, online poker revenue during the last month of the quarter dropped below July’s level.
Other online casino games did not experience the same declining revenue as poker. Each month of Q3 ranked among the top three months in terms of gross gaming revenue, including August when revenue reached its high-water mark at €6.7 million.
For the quarter, 60% of all revenue from online casino games (including poker) was generated from slots. Cash game poker accounted for 12% while tournament poker made up 7% of total revenue from games of chance.
Revenue from sports betting fared much better in September than its poker counterparts with the vertical reaching the second highest amount (€7.3 million) since the market opened.