Portugal’s regulated online gambling market enjoyed record-high revenue in the final quarter of 2017, thanks to a surge in online sports betting.

Figures released Friday by the Serviço Regulação e Inspeção de Jogos do Turismo de Portugal (SRIJ) regulatory body show the seven locally-licensed online gambling operators generated combined revenue of €36.5m in the three months ending December 31, 2017, nearly €10m higher than the same period last year and over €7m higher than Q3 2017.

For the year as a whole – the regulated market’s first full calendar year of operation since its May 2016 launch – total revenue hit €122.6m. The government’s share of this bounty was a hefty €54.3m, a 44.2% slice of the overall pie, thanks primarily to the market’s punitive 12% tax on sports betting turnover.

Despite the government’s grabby approach to sports wagering, the vertical generated revenue of €20.5m in Q4, 26% higher than the market generated in Q3 2017 and a new quarterly record.