Portugal dreams of World Cup glory

With Cristiano Ronaldo chasing the world champion title, Portugal among the favourites and up to €945 million at stake for the national economy, the 2026 FIFA World Cup could prove historic on and off the pitch.

The magic of the World Cup is upon us. For just over one month, the world’s collective gaze will shift towards North America for an event that unites populations from the most disparate corners of the world around their love of football.

As the tournament gets into its group stage groove across the United States, Canada and Mexico, Portugal enters the competition among the bookmakers’ leading contenders to lift the trophy for the first time in its history. At the same time, a new study suggests the World Cup could generate as much as €945 million for the Portuguese economy, despite the country not hosting a single match.

This could come in many forms, from television audiences, streaming platforms, social media engagement to tourism promotion, advertising, hospitality and consumer spending.

For Portugal, that means the coming weeks could be significant both on the pitch and far beyond it.

A true favourite

For over two decades, since the nation became a steady presence at World Cups (it has not missed an edition since 1998), Portugal has always carried some genuine hope of winning its first World Cup.

From its Geração de Ouro (Golden Generation), which included the likes of Luís Figo, Rui Costa and Vítor Baía, to any of the national teams that featured Cristiano Ronaldo since he cemented himself as a footballing legend, Portugal has boasted teams that seemingly had a legitimate shot at, at the very least, competing for the title.

But most football pundits and fans would agree that Portugal has rarely had a squad so abundant in talent.

Diogo Costa, the starting goalkeeper, has consistently been the best goalkeeper in the Portuguese league for FC Porto and is linked every offseason to Europe’s top teams, from Real Madrid to most recently PSG and Liverpool.

The national defence is led by Ruben Dias, a four-time Premier League champion with Manchester City. Nuno Mendes, fresh off winning his second straight Champions League for PSG, is widely considered one of, if not the greatest, left-backs in the sport. Right-back João Cancelo, who helped Barcelona win the La Liga this year, is the only footballer in history to have won the league title in Europe’s four top leagues – the Bundesliga (Germany), La Liga (Spain), Premier League (UK) and Serie A (Italy).

Portugal’s midfield is the stuff of dreams, headlined by the world-class finesse of Vitinha and João Neves – who, along with Nuno Mendes, have just won their second consecutive Champions League for PSG – and Bruno Fernandes – who this season broke the Premier League record for assists with 21 passes to goal for Manchester United.

Leading Portugal’s attack will certainly be Cristiano Ronaldo, considered by many to be the “GOAT” (Greatest of All Time). Entering his last World Cup at 41, there have been legitimate concerns about whether CR7 is still up to the task of being a starting striker for such a talented team (his performance against Nigeria in the last pre-World Cup friendly came under heavy fire after he missed several clear goal-scoring opportunities).

But if there’s one thing Ronaldo has consistently done throughout his career, it is prove doubters wrong and win collective and individual accolades. Winning a first World Cup for Portugal while captaining the team at 41 could be the crowning jewel of a historic career – and perhaps put to rest the debate over whether Ronaldo or Messi is the “GOAT”.

And we have not even mentioned Bernardo Silva, a Manchester City legend who is seemingly on his way to Real Madrid to join Mourinho, or João Félix, the MVP of the Saudi league, or even potentially game-changing wingers such as Rafael Leão or Pedro Neto.

Bookmakers clearly agree that Portugal has a legitimate shot at the title, with a survey of leading bookmakers compiled by Oddschecker placing Roberto Martínez’s team among the top five favourites to win.

Coming into the tournament, Spain was at the head of betting markets. However, the reigning European champions were held to a goalless draw by debutants Cape Verde in their first match.France, runners-up at the 2022 World Cup in Qatar, are also among the leading contenders, while England continues to attract strong support despite its long wait for a second world title.

A nearly billion-euro opportunity

While fans focus on results, economists are increasingly paying attention to a different scoreboard.

Research conducted by the Marketing Studies Office for Sport at the Portuguese Institute of Marketing Administration (IPAM) estimates that the World Cup could generate between €378 million and €945 million for Portugal, depending on how far the national team progresses.

Even the lowest estimate – corresponding to a group-stage exit, which seems extremely unlikely – would represent a substantial economic boost. Should Portugal go on to lift the trophy, the impact could approach €1 billion.

The figures are particularly striking because Portugal is not hosting the tournament.

Daniel Sá, executive director of IPAM, argues that modern football economics are no longer confined to host countries.

Consumption, digital engagement and fan participation now create value across borders, allowing nations thousands of kilometres away from the action to benefit from the event.

According to the study, domestic consumption accounts for the largest share of the projected impact, representing 26% of the total. Restaurants and hospitality businesses account for 15%, while advertising and media contribute 14%.

The digital economy is becoming increasingly important as well.

Streaming services account for around 10% of the projected impact, while social media engagement and content creation generate a further 13% combined. Betting, merchandising and collectibles such as football stickers also contribute significantly.

For cafés, bars, restaurants and sports venues across Portugal, the tournament is expected to drive increased spending throughout the month-long competition. A successful run by the national team would almost certainly amplify those effects.

Impressively, the study suggests that the World Cup could ultimately generate a larger economic impact than the Euro 2004, which was hosted in Portugal and produced an estimated economic contribution of €440 million.

Football as a tourism showcase

Portugal is also using the World Cup as a platform to market itself internationally.

On Wednesday, June 17, national tourism authority Turismo de Portugal was due to launch its “It’s Portugal Time” campaign in partnership with the Portuguese Football Federation. The initiative targets seven strategic markets: the United States, Canada, Brazil, the United Kingdom, Spain, Germany and France.

The campaign aims to capitalise on the enormous global audience drawn by the World Cup, highlighting Portugal’s beaches, gastronomy, culture and heritage.

A dedicated Portugal House will operate in New York during the tournament, hosting events for tourism professionals, journalists and visitors. On Portugal matchdays, Visit Portugal’s digital channels will also showcase a curated “starting eleven” of experiences and attractions from across the country.

The timing is significant, as Portugal will co-host the 2030 FIFA World Cup alongside Spain and Morocco, making this year’s tournament an ideal opportunity to raise the country’s profile ahead of welcoming the competition itself.

How to follow the action

For fans in Portugal, there will be no shortage of ways to follow the tournament.

Free-to-air broadcasters RTP, SIC and TVI will share coverage rights, showing Portugal’s matches and a selection of key fixtures throughout the competition. Sport TV will broadcast every match via its dedicated World Cup channel.

LiveMode TV will also stream dozens of matches free of charge on YouTube, including Portugal’s group-stage fixtures. Radio coverage will be available through Rádio Renascença, Antena 1and RTP África.

Across the country, fan zones and giant-screen events are expected to draw thousands of supporters.

Portugal was due to begin its campaign against DR Congo on Wednesday (after The Resident went to press) before facing Uzbekistan on June 23 and Colombia on June 28.

For the full fixture list, see “The Resident’s guide to the World Cup” at www.portugalresident.com