Portuguese regulator issues second sports betting licence
New SBTech-powered bet.pt site went live hours before Portugal's Euro clash with Wales
Portugal has issued its second online sports betting licence since reregulation to Malta-based operator Bet Entertainment Technologies.
The firm’s bet.pt site, which is powered by SBTech, went live to Portuguese customers yesterday, hours before the country’s Euro 2016 semi-final against Wales.
Bet Entertainment Technologies said in a blog post: “The bet.pt platform stands out for having a simple and intuitive interface, with unique features such as cash out.
“Bet.pt is based on internationally proven technology in various markets through its technological partner, SBTech, a company that is at the forefront of innovation in the online gaming industry since 2007, providing solutions to various brands and online gaming companies, which generate annual betting volume of more than ?1bn.”
The deal also makes SBTech the first supplier in the market, since Betclic – recipient of the first Portuguese licence – provides its own sportsbook platform.
“This partnership is testimony to SBTech’s credibility and the excellence of our localised offerings in regulated markets,” said Richard Carter, CEO at SBTech.
“It establishes us as the first B2B sportsbetting supplier to the Portuguese online gaming industry.”
In May, Paris-headquartered operator Betclic became the first company to receive a Portuguese online sports betting licence, and there are said to be more than a dozen applicants still awaiting approval.
The licences issued by Portugal’s Servi?§o de Regula?§??o e Inspe?§??o de Jogos (SRIJ) stand for three years before a renewal is required.
Operators are subject to a basic tax rate of 8% on turnover up to ?30m, while turnover over that figure will be taxed based on a formula (Rate=[8% x (annual gross revenue/?30m)] /100) and capped at 16%.
Earlier this year Amaya said it planned to re-enter the Portuguese online gambling market by the end of the third quarter with poker, casino and sportsbook products, pending licence approval.
However its plans may have to be put on hold, after poker stakeholders in Portugal raised concerns that the first poker licences may not be issued until November.
The licensing process has been slowed down by SRIJ’s decision to opt for shared liquidity with other regulated markets, which requires approval from the European Commission (EC).
The Portuguese regulator has reportedly not yet finalised its submission to the EC, while the EC usually takes three to four months to issue a decision.