Short Answer:Yes. Long Answer: Techincally, no. Paganism is not A religion, but a large group of religions. All of those Pagan religions are "real religions."
More Info:
"Is there a difference between Paganism and Neo-Paganism?"
-In general, no. Many people use the term "Neo-Pagan" to distinguish between Ancient Indigenous Religions, which they call "Pagan" and Modern religions, which they call "Neo-Pagan."
For most of these ancient religions, Pagan is a perjorative, so it is best to call self-identified Pagans Pagans, and others by the proper term for their religion, or at least the generic term (like "indigenous religion of Ancient Sparta").
Citations: Beliefnet.com, Witchvox.com
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