GGR in 2024 hit PHP410 billion (£5.51 billion/€6.56 billion/$7.16 billion), comfortably ahead of PHP329 billion in the previous year. This represents a new annual record for the Philippines.

Alejandro Tengco, chairman and CEO of gambling regulator Philippine Amusement and Gaming Corporation (Pagcor), revealed the figures yesterday (18 March) during a keynote address at this year’s ASEAN Gaming Summit.

Tengco said the main reason for the increase was growth within the igaming sector. Here, GGR was up 165% year-on-year to PHP154.51 billion, another new record for the country.

Referred to as “E-Games” by Pagcor, this covers both online casino games and internet-based bingo. Such was the pace of growth here that the sector had achieved its full-year target of PHP100 billion by September.

However, despite this growth, land-based casinos remain the primary source of revenue. In 2024, licensed casinos generated PHP201 billion in GGR.

Impact of reduced igaming rates

Tengco put online growth partially down to “strategic policy adjustments”, saying that these helped local operators. Recent amendments include a gradual reduction in fees for igaming during 2023, with the impact of this seen over the past year.

Pagcor in January this year announced another cut in fees. Effective since the turn of the year, operators now pay fees at 30% of GGR, down from 35%. Prior to the 2023 cut, rates were as high as 55%.

According to Tengco, the reductions encouraged unregistered operators to join the regulated market, helping prevent voluntary closures and sustain profitability among licensees. This has been helped by the closure of Philippine Offshore Gaming Operators (POGOs), announced by president Ferdinand Marcos Jr in July. The policy came into effect in November.

Market ‘robust’ despite exit of POGOs

Marcos accused the sector of facilitating illicit activities like financial scamming, money laundering, prostitution, human trafficking, kidnapping, torture and murder.

Pagcor welcomed the decision, with Tengco this week saying the industry remains “robust” despite a significant change in its set-up.

“As offshore gaming exits, Pagcor recognises the future of Philippine gaming will continue to become more technology-driven,” Tengco said. “This is why Pagcor will continue to closely regulate electronic gaming while ensuring strict oversight to combat illegal operators.

“We wish to assure our industry stakeholders that even as we strive for greater success, responsible gaming and market integrity will continue to be at the heart of our efforts.

“The best days of Philippine gaming are still ahead of us. We look forward to working with all of you to shape what comes next.”