The seventh licence for the provision of online gaming services was given out by the Portuguese gambling regulator, SRIJ (Serviço de Regulação e Inspeção de Jogos) on Monday to a Portuguese betting and casino company, Sociedade Figueira Praia.
The betting company under the Casino Portugal brand will provide its online gambling customers with sports betting options.
April 2015 saw the new gambling regulatory framework in Portugal that opened the market for licenced operations in the country, though SRIJ started giving out the licences in May 2016 to the national and international operators.
The gambling market could attract only 5 different operators for licencing so far, that included 2 licensees being issued two licences for sports betting and casino games each and a sports betting, a casino, and a single poker licence to different individuals.
Portugal adopted the online gambling regulation after the EU authorities urged it to. Portugal, however, failed to create a gambling environment to attract the major International operators.
The reason cited by many individuals is the heavy taxation imposed by the Portuguese lawmakers, where the local players are obliged to pay a 16% tax on their stakes and casinos are expected to pay up to 30% on their full-year revenue.