Online Gambling’s Brilliant Results in the Philippines

The Philippine Amusement and Gaming Corporation (PAGCOR) has released its financial results for the third quarter of 2024, which pertain to the gaming industry. The results show outstanding growth.

Overall gross gaming revenue (GGR) for the Philippine gaming industry in the third quarter reached PHP94.61 billion (US$1.61 billion) from PHP68.79 billion, representing an increase of 37.52% year over year.

There are four major sectors of the Filippino gaming market:

Traditional land-based casinos, including those operated by PAGCOR, are a significant part of the gambling industry
Electronic Gaming, including e-Bingo, e-Games and other electronically delivered gaming services which have seen substantial growth
The online gaming market, including both local and offshore gaming operations
Bingo operations - traditional and electronic bingo contribute significantly to the gaming revenue.

The gaming market in the Philippines is diverse, and as the impressive figures just released show, it is growing rapidly.

Electronic Gaming Showed Remarkable Growth

The industry’s outstanding third-quarter growth was driven primarily by the Electronic Gaming sector,r which increased more than fivefold, generating PHP35.71 billion in revenues from last year’s PHP6.32 billion and comprising 37.7% of the total market.

PAGCOR Chairman and CEO Alejandro H. Tengco said:

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“The Electronic Gaming sector recorded a phenomenal increase of 464.38 from last year. This impressive performance is a strong indication that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming.”

The PAGCOR Chief Executive added that he is optimistic and confident that the E-Games sector will continue to flourish as technology increasingly becomes a part of people’s lifestyles, including shopping, gaming and entertainment.

The robust growth of the e-games sector was expected to continue, and the bullish PAGCOR chairman concluded his comments by saying:

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“In fact, by year-end, we expect this sector to generate as much as PHP78 billion in license fees alone, substantially contributing to the realisation of our PHP100 billion revenue target for 2024.”

Casinos Contribution to GGR in Q3

The country’s licensed casinos remained the biggest contributor to the third-quarter GGR. They generated PHP50.72 billion, indicating a 2.27-fold decline in revenue generation compared to last year’s PHP51.90 billion.

Casino Filippino (CF) gaming venues—a casino chain operated by the state-owned gambling regulator and operator PAGCOR—have two main branches in Manila: Malate and Santa Cruz. GGR decreased by 26.32% from the 2023 record of PHP4.94 billion to PHP3.64 billion. A reason for this is probably the current expansion and upgrade projects underway on venues ahead of privatisation.

Bingo operations rounded out the market sectors contributing to the country’s GGR, bringing in PHP4.52 billion,19.43% lower than the third quarter amount of PHP5.61 billion generated in 2023.