888 intends to offer poker services in Portugal in upcoming times.
888, a British online gaming provider, is looking to enter the regulated Portuguese market by launching their 888poker brand. The investment could prove fruitful as Portugal recently recorded a record-breaking turnover for the initial quarter of 2019. However, poker's revenue is declining. Here's an overview of the situation.
Liquidity Agreement with Spain
888 Holdings, a publicly traded company on the London Stock Exchange, has debuted its poker offering in Portugal by launching the 888poker poker room. Established in 2002, 888poker, which has over 10 million members worldwide, will now operate via the domain 888poker.pt. As a result, this will make it the second online poker brand to go live in Portugal. 888poker's main competitor in the market is the global leader PokerStars, which has been active in Portugal since 2018.
To facilitate the license, Portuguese players will now be able to compete against players from Spain. A liquidity agreement was reached specifically for this reason. 888poker offers a variety of poker formats, including traditional games and unique variants like SNAP and BLAST. Additionally, customers can win bonus money by participating in 888's progressive knockout tournaments. Guy Cohen, 888's Head of B2C, commented on the expansion:
"Portugal is a great opportunity for 888, and we're excited to be one of just two poker operators to enter the market. Portuguese players love poker, making it an ideal market for us. This joint liquidity agreement with 888poker.es will create an even larger player pool, and we believe our platform can improve the poker landscape in Portugal."
The decision comes after Portugal's SRIJ (Serviço Regulação e Inspeção de Jogos do Turismo de Portugal) revealed record online gambling revenues for the first quarter of 2019. The Portuguese iGaming market is experiencing solid growth, offering further opportunities for 888's new poker platform. Nevertheless, poker revenues have been decreasing.
Growth in the Portuguese iGaming Market
SRIJ recently revealed that Portugal's regulated online gambling market achieved a record turnover of €47.3 million in the first three months of the year, a 43.8% increase compared to Q1 2018 and the highest quarterly turnover since the market launched in May 2016. The total surpassed the industry's revenue for the entire year of 2018, which stood at €78.9 million.
The substantial increase can mainly be attributed to growth in sports betting and the online casino sector. Sports betting accounted for €24.8 million in revenue, growing by 42.5% from Q1 2018. Portuguese customers wagered a total of €131.3 million on various sports in Q1, with 72.7 % of all sports bets placed on soccer. Basketball followed with 11.5%, while tennis and ice hockey held 10.1% and over 3%, respectively.
Online casino gaming led the charge in customer expenditure, with €608.6 million spent in the first quarter. This resulted in operator revenues of around €22.6 million, a 45.9% increase from Q1 2018. Slot machines were the most popular casino game with a market share of 63%, followed by French roulette (14.8%) and blackjack (7.8%).
Despite the decline in online poker turnover for the third consecutive quarter, it still accounts for around 14% of the overall market growth. It remains to be seen if 888 can reinvigorate interest in the game.
888's Global Expansion
888 published a positive trading update in early June and is now pursuing its global expansion plans. Just last week, the company announced its bid for a Buenos Aires license. Argentina's capital province is set to legalize online gambling for the first time, with only seven licenses awarded. Notable applicants include Sweden's Betsson and Italy's Sisal. The outcomes are eagerly anticipated.
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Source: www.onlinecasinosdeutschland.com
