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International brands under local licenses
Introduction: why Portugal requires a'local form'
Portuguese online gambling has been regulated by a separate regime (RJO) since 2015, overseen by SRIJ. For international brands, this means: you can play "in white" only through a local license and in full compliance with the rules - from KYC/AML and responsible play to reporting APIs and strict advertising. In exchange, the market provides predictability, a sustainable economy and a high level of user confidence.
1) Market entry models
A. Direct licensing.
The brand creates a Portuguese legal entity, receives licenses for products (betting/casino/poker), integrates with the reporting SRIJ APIs.
Pros: full control of P&L and UX, brand capitalization.
Cons: deadlines and CAPEX for compliance/certification.
B. Joint venture (JV) with local operator.
International platform + local expertise, sometimes access to offline assets and media.
Pros: time-to-market acceleration.
Cons: It's harder to negotiate brand/data rights.
C. M & A/entry through purchase of a licensed player.
Pros: quick access to license, team and payment infrastructure.
Cons: integration risks and technical debt.
D. White-label/skin under a partner license (limited and targeted).
Pros: Minimum "admission check."
Cons: License owner dependency, little strategic flexibility.
2) Localization without loss of "international" quality
Language and support. Full PT content (European version), RG support and dies in Portuguese, support hours in the local area (WET/WEST).
Payments. Mandatory local matrix: Multibanco/MB Way, cards, wallets. The principle of "output to the same channel" and transparent ETAs are critical for NPS.
UX live. Low coefficient delay, Cash Out (partial/auto), correct re-pricing. Stability> aggressiveness.
Content and sports. Priority - football leagues (League Portugal, La Liga, Premier League, European Cups), plus basketball/tennis/F1. For casinos - strong live content and clear table rules.
Responsible play (RG). Deposit/time limits and reality check are 1-2 clicks from any section. This is not a tick, but part of UX.
3) Advertising and communications: work "quietly and honestly"
Hard tone code: without heroization of winnings, without promises of "easy money," strict 18 +.
Channels: focus on own channels (application, website, e-mail/CRM), educational content, neutral creatives.
Influencers: adult audiences, disclaimers, without a "youth" style.
Evidence: keep a register of creative approvals, 18 + targeting reports and logs of controversial materials.
4) Taxes and financial model (in general terms)
Sports betting: 8-16% GGR (depends on the framework), Casino: 25% GGR.
Keep separate records of verticals and content providers; provider revenya-shers are paid after taxes on GGR, which affects the unit economy. KPI-pair: Time-to-bet, Time-to-payout, effective tax rate.
5) Organization and compliance: what SRIJ requires
Technical circuit. Certified games/RNG, logs, replayer calculations, integration of reporting SRIJ APIs, fault tolerance.
KYC/AML. Identity/age verification, SoF/SoW at thresholds, sanction/geo-filters, transaction log.
GDPR and privacy. Legal basis for processing, data minimization, consent management, access logs.
Operational control. Daily bet/win/balance reconciliation, SLA reporting and procedural readiness for inspections.
6) What to do with crypto payments
The Portuguese model is fiat-centric. Only crypto-in/fiat-out scripts are allowed through allowed providers with full identification and fiat registration. Anonymous schemes are outside the legal field.
7) Frequent mistakes of international brands
1. Exporting "noisy" marketing from other countries → fines and cancellation of campaigns.
2. ASC/disbursement delays → NPS drop and outflows in first 30 days.
3. MB Way/Multibanco underestimation → low deposit conversion.
4. Implicit bonus terms → disputes and regulatory risks.
5. Half localization (support/content/timeslots) → complaints and low retention.
8) Exit road map 0-180 days
Days 0-30 - Law and technical design
Model selection (direct/JV/M & A), legal structure, license roadmap.
Payment matrix (MB Way/Multibanco/cards/wallets), RG-UX design "in 2 clicks."
Integration map: game providers, reporting APIs, fraud tools.
Days 31-90 - Certification and soft-launch
RNG/content certification, reporting connection in SRIJ.
Pilot cohorts, A/B by Time-to-bet/-payout, Cash Out refinement and limits.
Legal screening of advertising materials, launch of a content hub.
Days 91-180 - Scaling and Control
Catalog expansion, live streams/multimatch (if allowed), poker/event calendar.
BI dashboards: GGR by verticals, effective tax rate, RG metrics, SLA payments.
External compliance/safety audit, inspection plan.
9) KPI of the international operator in Portugal
Activation: KYC pass-rate, first deposit, Time-to-bet.
Payments: Time-to-payout (p50/p95), share of "output to the same channel."
Live/Betting: live-share, rPS, Cash Out usage.
Casino: share of live tables, frequency of sessions, NGR/provider.
RG: proportion of users with limits, frequency of timeouts, early risk signals.
Compliance: SLA reporting, incidents, "replayer-closability" disputes.
NPS/CSAT: PT support response rate, proportion of repeat visits by day 30/90.
10) Who the Portuguese licence suits
Brands with a betting core and a mature live circuit (speed> aggression).
Casino-first ecosystems with a strong live casino and transparent UX.
Hybrids (sports + casino + poker) willing to invest in local support, payments and content.
Portugal is a market where international brands successfully operate under local licenses and strict supervision of SRIJ. The winners are not those who advertise louder, but those who are faster and more transparent: MB Way/Multibanco without friction, honest RG-UX, fast payouts, low live latency and impeccable reporting. If you maintain the "international quality" of the product by carefully "sewing in" the local rules and habits of the user, Portugal becomes a stable and predictable point of growth.