Portugal’s online gaming regulator has awarded its second online sports betting licence to Bet Entertainment Technologies, operator of Bet.pt.
The SBTech-powered Bet.pt site went live on Tuesday July 5th, with Bet Entertainment pledging to offer thousands of betting markets each day.
It includes a number of popular features including cash-out options and a special no-risk offer for new bettors, offering to refund losing bets of up to €25.
“[SBTech provides] solutions to various brands and online gaming companies, which generate a volume of annual betting more than one billion euros,” the operator added.
The license will allow Bet.pt to offer SBTech’s fully managed sportsbetting solution, Chameleon360 iGaming Platform, and in-play betting product.
“We selected SBTech because of their innovative, award-winning and comprehensive Sportsbetting and iGaming solutions which address all market challenges and regulatory requirements,” says Ricardo Silva, CEO at Bet.pt. “SBTech’s offering will undoubtedly give us unique competitive edge and a source for growth, extending our offering even further within the Portuguese market.”
“This partnership is testimony to SBTech’s credibility and the excellence of our localised offerings in regulated markets,” added Richard Carter, CEO at SBTech. “It establishes us as the first B2B Sportsbetting supplier to the Portuguese online gaming industry.”
Despite Portugal opening its doors to foreign operators, bet.pt becomes just the second private operator to secure a sports betting licence since May, when regulator Serviço Regulação e Inspeção de Jogos do Turismo de Portugal (SRIJ) approved Betclic Everest Group to re-enter the market.
The slow roll-out of sports betting brands in the market is attributed to the country’s high iGaming tax rate. Operators are taxed at a rate of between 8 and 16 per cent of turnover for sports betting, with casino rates set at between 15 and 30 per cent of turnover.