The Philippines hit a new igaming revenue record in 2023, reaching PHP58.16bn, nearly double the total from the previous year. This marked a 92.3% increase from the PHP30.24bn generated in 2022 and an 80.4% increase from the previous high of PHP32.24bn in 2019. Regulated igaming in the country is overseen by the Philippine Amusement and Gaming Corporation (Pagcor) and includes online games, bingo, specialty games, and sports betting.

During last week’s ICE London 2024, Pagcor chairman Alejandro Tengco attributed the revenue rise to policy reforms in the country and announced that the number of licensed igaming sites active in the Philippines had reached a new high, with over 1,000 websites in the country’s market and more pending applications. Tengco also revealed that additional policy tweaks are expected in 2024, including further lowering licensing rates to support projected revenue growth to PHP61.75bn for the year.

These revelations came after Pagcor reported a record PHP285.00bn in total gaming revenue for the Philippines market in 2023, marking an 11.2% increase from the previous high set in 2019, with the online gambling sector accounting for 20.4% of all revenue. Tengco also expressed confidence in the industry’s future and projected a revenue increase to PHP336.00bn in 2024, driven by the planned opening of new integrated resorts. He also noted the country’s ambition to become Southeast Asia’s gaming hub.

Pagcor’s confirmation of the revenue rise in 2023 aligns with Tengco’s previous statements in November 2023, where he expressed confidence in the country’s gambling industry almost returning to pre-pandemic levels. The Philippines remains the only regional jurisdiction to have regulated both land-based and igaming, reinforcing Tengco’s optimism about the country’s potential as a leading gaming hub in Southeast Asia.

By admin