Spanish gambling group Luckia (Grupo Egasa) has confirmed that it will expand its commercial operations within Portugal, having been granted a license to operate sports betting and gambling provisions by Portuguese authorities.
Closing its 2017 accounts, in which the Galician operator recorded group revenues €500 million, Luckia governance states that ‘Portugal will be the firm’s next new market destination’.
However, updating investors Luckia President José González Fuentes details that Portuguese expectations should be limited, as the market offers many challenges to its incumbents (high tax rate, licensing costs and product restrictions).
“Portugal has an old and limited framework for modern betting services. The gambling landscape is dominated by legacy operators who remain powerful. This is no easy market to operate in ” González Fuentes details to investors.
In its update, Luckia governance details that it will initially launch an online gambling property for Portugal.
Considered Spain’s third largest retail betting operator, Luckia has stated that it will review Portuguese market conditions and potential regulatory changes, assessing whether it will launch any land-based gambling properties.
Though Luckia is committed, to launching in Portugal, González Fuentes has stated that governance will prioritise its existing new market opportunities in LATAM, Africa and Italy.