Betway has shut up shop in Portugal, with the licences the sportsbook held with the national regulator cancelled as it winds down operations.

A statement issued by the Serviço de Regulação e Inspeção de Jogos (SRIJ) confirmed that the the Super Group-owned sportsbook licenses had been revoked upon request.

These licences covered online sports betting and online gaming, and were held by GM Gaming Ltd, the Malta-based operating company behind Betway.pt.

GM Gaming has held licences for the company in four jurisdictions – Malta, Portugal, Italy and France. Betway Global, also headquartered in Malta, sportsbook active in various other countries including Argentina, Canada, Germany and Poland, among others.

A Betway spokesperson told SBC News: “As a global business listed on the NYSE we take great care to continually evaluate all markets and their performance in relation to our targets.

“After a thorough review we have decided to relinquish our license in Portugal in order to focus on existing markets and growth areas with more potential.”

What’s new in Portugal?

The same day that it announced Betway’s exit from the market, the SRIJ also provided a snapshot into the dynamics of the market the sportsbook is withdrawing from in its Q3 2025 report.

As of 9 January 2026, there were 18 licensed betting and gaming operators in Portugal, holding a total of 32 licences between them. Of these licences, 13 were for sports betting, 18 for online gaming, and one for bingo.

The market attracted a total of 4.9 million customers in Q3, a 7.8% increase from the year prior, with 208,500 new accounts created with the 18 licensed operators – though this was 22.7% less than the year prior.

The number of self-excluded customers also rose by 23.9% to 342,000, showing that Portugal continues to battle with issues around player protection and problem gambling just as much as other European nations.

Another comparative with the likes of the UK, Netherlands, Germany and the Nordics is the presence of illegal operators in Portugal’s market. During 2025, the SRIJ issued 53 notifications for closure, blocked 130 websites, and made four reports to the Public Prosecutor’s Office.

In the midst of all this, the Portuguese betting market continues to grow. The sector saw revenue growth of €297.1m in gross revenue from betting and gaming activity, up 11.6% from Q2 2025.

So, why might Betway have decided to call it quits on this market?

Super Group’s international outlook

This is not the first time Super Group has decided to exit a market in recent years, or in the case of Brazil deciding not to launch in a high-profile, high-value market capturing the attention of many of its competitors.

The NYSE gaming group began winding down its presence in the US in summer 2024, starting with the Betway sportsbook in nine states. The firm had placed US operations under strategic review after incurring losses of €11m in 2023.

This process was completed in 2025 when Spin, Super Group’s casino brand, finally wound down its US presence. The company remains active in Canada, however, and the firm continues to perform well in Ontario according to quarterly financial statements.

Neal Menashe, Super Group CEO, told SBC News last year: “We are driven to make successful entries into markets, but we also know when to cut our losses, and occasionally have to do so.

“We have close to three decades of experience in operating in multiple markets globally, and it gives us the insight to make strategic choices better than most of our competitors. Our range of podium positions in African markets and our recent exit from the US market is testament to this approach.”

Africa has become a big focus for Super Group and particularly for Betway, which counts South Africa as one of its core markets. Betting is going through a boom in South Africa according to official government figures, and Betway has been eyeing up opportunities in other African markets like Botswana.

Adjusting resources to drive expansion efforts in continents like Africa could be a motivating factor behind Betway’s Portugal withdrawal as taxes and compliance controls in West European markets chokes margin on profitability and ROI – the principal metrics Super Group values in its PLC growth strategy.

However, the situation in the UK could be another reason.

Taxes on online gaming are set to go up from 21% to 40% in April this year. The UK remains a core market for Super Group, particularly for Betway, and so the firm may be looking at ways to offset costs in its international portfolio to help cushion the blow of forthcoming British taxes.