The total revenue generated from igaming in the Philippines in 2023 was 92.3% higher than the revenue generated in 2022, reaching PHP30.24bn. This also surpassed the previous yearly high of PHP32.24bn in 2019 by 80.4%. The Philippine Amusement and Gaming Corporation (Pagcor) is responsible for regulating igaming in the country, which includes online games, bingo, specialty games, and sports betting. The chairman of Pagcor, Alejandro Tengco, announced these figures at ICE London 2024. He attributed the revenue increase to policy reforms in the country. Additionally, the number of licensed igaming sites active in the Philippines reached a record high, with over 1,000 websites currently operating in the market and more pending applications. Tengco stated that the implemented policy changes and reduced licensing rates contributed to the rise in approved sites and the overall performance of the egames sector. This growth not only positively impacted the local gaming industry but also contributed to Pagcor’s revenue generation efforts. Looking ahead to 2024, Tengco expects further revenue growth with additional policy tweaks, including further reducing licensing rates, projecting PHP61.75bn for the year.
It is worth noting that almost a month ago, Pagcor also reported record revenue for the entire gaming market in the Philippines in 2023. The total revenue in the country for the year reached PHP285.00bn, representing an 11.2% increase from the previous record set in 2019. Based on the revealed igaming figures, the online gambling sector accounted for 20.4% of the overall revenue. Tengco expressed confidence that revenue will continue to grow in 2024, with forecasts projecting PHP336.00bn, a 17.9% year-on-year increase, largely due to the planned opening of new integrated resorts. This confirmed revenue growth in 2023 aligns with Tengco’s previous statement in November last year, where he expressed confidence in the Philippines’ gambling industry almost returning to pre-pandemic levels. Furthermore, Tengco recently spoke about the country’s potential to become Southeast Asia’s gaming hub, emphasizing that the Philippines is the only regional jurisdiction that has regulated both land-based and igaming.
