Caravel enters Portuguese market

The growing Portuguese online gambling sector has a new addition with the news that a new gambling operator will now be able to offer its services in the country.

 

Caravel Entertainment have announced that they have been awarded two licences enabling them to operate in Portugal. The licences cover both sports betting and online games of chance, and they were approved by the Comissão de Jogos do Turismo de Portugal  which is responsible for authorising permission to offer gambling services.

 

Winning the licences means that Caravel, which is based on the island of Malta, will be able to promote its online gaming brand Moosh to Portugal residents. One of the licences gives them permission to provide sports betting products, while the other covers table games and slots gaming. Both services will be available to Portugal residents through the Moosh.pt site.

 

Caravel Entertainment is now the twelfth gambling company to gain a licence to operate in the Portuguese market. Established in 2017 and based in Silema, the firm joins other established brands including The Stars Group, 888, Betano and Betclic Everest Group.

 

The news comes against a backdrop of a fast-growing gambling market in the country. The country’s gambling regulator, the Serviço Regulação e Inspeção de Jogos do Turismo de Portugal has not yet released the full third quarter financial results for the online gambling market.

 

But the second quarter figures revealed that Portugal had set a new record for revenue, after breaking the previous record in the first quarter of the year. Between April and June, licenced operators in the Portuguese market raised €48.3 million in revenue. That figure was higher than the €47.3 million in revenue earned between January 1 and March 31 this year, and revenue was also up year-on-year by an impressive 29.5%.

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