Red Rake Gaming has announced a new partnership with casino group Solverde, a major player in the Portuguese market. Solverde will now be able to offer its players access to Red Rake’s full portfolio of exciting games. The partnership will allow Red Rake to further solidify its foothold in the Portuguese market.
Founded in 1974 and comprised of 5 land-based casinos and 4 hotels, Solverde is one of the most prominent casino groups in the Portuguese market. Solverde launched its online casino in 2017.
Portugal is not the only market that Red Rake has successfully entered recently. Players in Spain, Romania, Italy, the UK, and Ukraine have all enjoyed increasing access to Red Rake’s portfolio of games in the past year.
Nick Barr, Managing Director for Red Rake Malta, commented on this partnership, saying: “We are delighted to welcome Solverde to the Red Rake Gaming family. We have had an overwhelming reception from operators and players in Portugal, and to partner with one of the most renowned casino groups in the market is testament to our delivery of player focused content. We look forward to a strong and prosperous partnership”.
Solverde had this to say: “With this partnership, CasinoSolverde.pt reinforces its position as the biggest online casino, having the wider game offer in the Portuguese market, along with the highest number of promotions and bonuses for the customers.”
Why is now the right time to expand into the Portuguese market?
The Portuguese market is booming. According to figures from Portuguese regulatory body Serviço Regulação e Inspeção de Jogos do Turismo de Portugal (SRIJ), the twelve licensees currently operating in the Portuguese market had a combined revenue of €65.4 million in the fourth quarter of 2019 (ending on 31 December 2019). This is a rise of more than 50% compared to the fourth quarter of 2018 and an €11.4 million increase over Q3 2019.
Reports indicate that the government’s planned budget for 2020 included a rise in online casino taxes rates from 15% to 25% and an increase in taxes on betting exchange revenues from 15% to 35%, a sign that authorities could expect gambling revenues to continue to grow.