The increasing gambling activity and sports betting patterns in Portugal can’t go unnoticed by investors or other entrepreneurs who want to set up and start a betting business in the country. In fact, it has been more the online betting in Portugal that has exploded the gambling industry and it is this specific market that is more lucrative for newcomers.
About online sports betting in Portugal
Punters’ spending in online sports betting in Portugal reached approximately 305 million euros in the second quarter of 2022, recording a small growth of almost 0.2% compared to the second quarter of 2021. In terms of gross gambling revenues, Portugal recorded a 17% growth in the second quarter of 2022 compared to the corresponding period one year earlier.
So, how can this be the case? Well, Portuguese seem to have been increasing their interest in other forms gambling more when compared to sports betting lately and this is considered to be a result of the growth of esports on the one hand and the growth of online casinos on the other hand. But experts also suggest that it is a matter of supply as well - Portuguese punters are expecting more competitive and more quality sports betting markets than those that are currently available.
Under such conditions, it is really a challenging thing to find a way to improve the sports betting services and offerings and take advantage of the growing trend of online gambling overall. And how can one do that? Well, by creating a betting site and becoming a betting agent that offers competitive and quality betting services!
Becoming a betting agent is not an easy process no matter how simple or straightforward the steps are. That is, there are some certain steps and procedures which need to be followed in order to make sure that your business is legal, fully operational and functional, and attractive as well, but there is more than just these steps to it. Let’s first see the basics and then go on with the more advanced ones.
The basics of becoming a betting agent
The basics are pretty clear: First you need to obtain the license for establishing an online sportsbook, a sports betting site. Licensing in Portugal is handled by the Gambling Inspection and Regulation Service (Serviço de Regulação e Inspeção de Jogos - SRIJ), which is responsible for overseeing, controlling and regulating online gambling. Note that for sports betting, the Portuguese legislation allows the licensing only for fixed-odds sports betting.
To obtain the license, you need to follow the procedures that are outlined by the SRIJ and to submit all the relevant required documents and paperwork. There are some prerequisites such as: having a regularized contributory status and tax status in Portugal, verifying financial and technical capacity and providing a technical systems’ project for the technology and software architecture.
More advanced requirements…
Now, we’re getting out of the boundaries posed by the geographical context - no matter where you want to become a betting agent, there are some things that need to be ensured.
First, you need to make decisions on the specifics of the betting site, let’s say find the domain, select the sports to be included in your betting list, find the name and so on. This is the fun part, the creative part!
Then, you need to commit your time, effort and resources to make more critical decisions, which are going to affect your operations and most likely your ability to provide quality services and attract customers both in the short run and in the long run.
Choosing a software vendor, a payment systems provider, investing in the right human and technological resources and devising an effective marketing, communications and promotions strategy are all very crucial issues and they require much more than a simple selection amongst alternatives.
Overall, becoming an agent is not as easy as it is often described. It is demanding particularly if one is to establish a betting site that is going to thrive, instead of just creating a sportsbook that will get lost in the strong competitive industry.
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