Caravel Expands into Portuguese Market with New Licenses

  • Licenses for sports betting and games of chance have been approved
  • The online gambling operator will launch its Moosh brand in Portugal
  • Critics have called for the Portuguese tax system to be changed
waving Portugal and money flag
Malta-based Caravel Entertainment has expanded into the Portuguese market after securing two new licenses. [Image: Shutterstock.com]

Applications approved

Malta-based online gambling operator Caravel Entertainment has been granted two new licenses for the booming online market in Portugal.

new licenses allow sports betting and games of chance, such as roulette and blackjack

Caravel, which was founded in 2017, plans to launch its Moosh brand in the country after being approved by the Comissão de Jogos do Turismo de Portugal (the Portuguese Gambling Commission). These new licenses allow sports betting and games of chance, such as roulette and blackjack.

Games of chance and sports betting

Moosh.pt will host various games from a variety of gaming suppliers, including NetEnt and iSoftBet. The sportsbook platform will be powered by SBTech.

There are currently 11 other operators in possession of Portuguese licenses. This includes 888, Betano, Beclic Everest Group, and The Stars Group.

Portuguese iGaming revenues continue to break records, with €48.3m ($53.5m) generated in Q2 alone. This compares to €43.7m ($48.4m) for Q2, which represents an increase of almost a €5m ($5.54m).

The national gambling regulator, Serviço Regulação e Inspeção de Jogos do Turismo de Portugal, is set to release Q3 financial figures soon. In total, revenue is up by 29.5% on a year-on-year basis.

Various licenses available

Portugal currently has four types of online licenses available for operators: fixed-odds sports betting, fixed-odds racing betting, bingo, and games of chance.

The country has multiple rules in place to decide on whether a license should be granted. One requirement is that the operator must have good standing. For example, it must not have been found guilty of money laundering or tax evasion.

Portugal currently has four types of online licenses available for operators

All forms of online gambling have been legal in Portugal since 2013, with regulation and licenses introduced in 2015. The country actively blocks offshore gambling platforms that target Portuguese residents without being licensed.

However, some organizations believe that the country must update its existing measures and that the system is discriminatory in how some operators will pay a more favorable tax rate. However, calls for a flat-rate tax of 25% in 2018 did not receive enough support to be approved.