Portugal’s council of ministers has approved new online gambling legislation, with only the president’s signature now needed.
Once signed into law by President Aníbal Cavaco Silva, the legislation will allow international companies to apply for online gambling licences, which it is hoped will generate additional revenues of €25m.
Sports betting will be taxed between eight and 16 per cent, while online casino and poker are to be taxed between 15 and 30 per cent depending on gross gaming revenue.
Authorities believe the first licences could be issued during the third quarter of 2015.
In a statement, Portugal’s government said: “Licences will be awarded to all the companies that will ensure the full respect of a set of financial, economic and technical requirements.”
