Back in February, legislators in Portugal approved legislation that would allow online gambling within the country. This week the Official Gazette of Portugal published the framework for the online gambling industry within the country, which is set to be implemented on June 29th.
Currently, the Santa Casa de la Misericordia has the monopoly when it comes to online gaming and this would put an end to their reign. Other groups will now be able to apply to receive an online gaming license in Portugal including international companies.
With the publishing of the final text of the new legislation, Portugal now begins a countdown to offer online gaming within less than two months. Despite the quick movement of legislation, regulators are suggesting that new licenses will most likely not be issued until Q3.
With the new legislation, Portugal is set to earn as much as €25 m but this will be determined by how many gaming operators want to offer gaming within the area. PricewaterhouseCoopers believes the country may not have as many interested in gaming licenses due to the tax on sports betting turnover instead of the revenues earned. A perk for players, especially poker players, is there is no tax on winnings, allowing players to earn big paydays without having to pay up.