Philippines’ gambling revenue surges 24.6% in 2024, driven by online growth

The Philippines’ gross gambling revenue (GGR) reached an all-time high of PHP410 billion ($7.16 billion) in 2024, marking a 24.6% increase year-on-year, according to Philippine Amusement and Gaming Corporation (Pagcor) Chairman and CEO Alejandro Tengco.

Speaking at the ASEAN Gaming Summit on March 18, Tengco attributed the growth primarily to the country’s expanding iGaming sector, which saw a 165% rise in revenue to a record PHP154.51 billion ($2.7 billion).

The Philippines' iGaming industry, referred to as ‘E-Games’ by Pagcor, includes online casino games and internet-based bingo. The sector’s rapid expansion led it to surpass its full-year revenue target of PHP100 billion ($1.75 billion) by September, a major shift in consumer preferences toward digital gaming platforms. However, despite the surge in online gambling, land-based casinos remained the dominant revenue driver, generating PHP201 billion ($3.5 billion) in GGR during the year.

Tengco credited the strong online growth to strategic policy adjustments, including reduced licensing fees that have made the market more attractive to local operators. In January 2024, Pagcor implemented another fee reduction, lowering operator fees from 35% to 30% of GGR, following a previous cut from 55% in 2023.

The policy changes, Tengco said, encouraged unregistered operators to enter the regulated market, preventing business closures and sustaining industry profitability.

The gaming sector’s record-breaking performance comes amid a major regulatory shift, including the closure of Philippine Offshore Gaming Operators (POGOs), a decision announced by President Ferdinand Marcos Jr. in July and enforced in November 2024. The government shut down POGOs over allegations of financial scams, money laundering, and links to organized crime, including kidnapping, human trafficking, and torture.

Despite the exit of offshore operators, Tengco stated that the Philippines’ gaming market remains “robust” and increasingly technology-driven. He stated that Pagcor will maintain strict oversight of electronic gaming while cracking down on illegal operators.

"As offshore gaming exits, Pagcor recognizes the future of Philippine gaming will continue to become more technology-driven," Tengco said. "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."