Background: Gambling disorder is an emerging problem among young adults and must be researched to provide the necessary support. This study aims to characterise gambling disorders in Porto’s university students. Methods: A cross-sectional study distributed an online questionnaire to Porto’s university students. The authors developed a self-administered questionnaire that included the South Oaks Gambling Screen questionnaire—Portuguese Version (SOGS-PV). Results: A total of 1123 responses were included. The participants’ average age was 22.4 years (SD = 6.2), and 60.9% were women. Gambling activities were performed by 66.4% of the students, most commonly online or video games, “scratch card” games, skill games, lotteries, and sports bets. The final scores of the SOGS-PV suggested 19.7% (95% CI: 17.4–22.0) of students may have a gambling disorder, with 16.6% (95% CI: 14.4–18.8) being “probable pathological gamblers” and 3.1% (95% CI: 2.1–4.1) being “problem gamblers”. Gambling in the stocks/commodities market/virtual coins, sports bets, playing cards for money, and the numbers or betting on lotteries presents a higher risk of gambling disorder. The age (OR: 0.953; 95% CI: 0.922–0.986), being male (OR: 2.756; 95% CI: 1.899–4.000), the highest daily gambling amount (OR: 3.938; 95% CI: 2.580–6.012), the effects of the COVID-19 pandemic (OR: 0.129; 95% CI: 0.087–0.191), a mother with gambling disorder (OR: 5.284; 95% CI: 1.038–26.902), the personal services education area (OR: 2.858; 95% CI: 1.179–6.929), and the linguistics education area (OR: 2.984; 95% CI: 1.538–5.788) stand out as contributing factors to the development of this disorder. Conclusions: This study reveals a high level of possible gambling disorder among university students and emphasises the importance of this problem in the academic community. Physician awareness and prevention programmes are needed in this population.