The Philippine gaming industry experienced a surge in the first quarter of 2024, with gross gaming revenue (GGR) reaching a staggering 81.7 billion pesos (1.39 billion euros). According to the Philippine Amusement and Gaming Corporation (PAGCOR), this is an increase of 18.54% from the same period last year.
Record-breaking Performance for the Online Gambling Industry
PAGCOR Chairman and CEO Alejandro Tengco expressed satisfaction with the industry’s performance, highlighting in particular the excellent growth of the electronic games (E-Games) industry.
Tengco said: "E-Games' revenue performance continues to exceed our expectations, which reflects the popularity of gaming technology and mobile devices, affecting not only our daily lives but also our entertainment choices."
“As technology continues to shape the way we live, do business, and even the way we choose entertainment, the future of gambling clearly lies in this space,” Tengco added.
Online gaming revenue soared to 22.5 billion pesos (360.9 million euros), beating expectations and demonstrating the profound impact gaming technology is having on entertainment options.
Regulation and lower fees drive online gambling
Tengco attributes the success of the online gaming industry to the improvement of PAGCOR regulatory policies and the reduction of fees, which have attracted domestic and foreign gaming companies to invest in the Philippine gaming industry.
“We believe that with our new regulatory policies, more domestic and foreign gaming companies will continue to look at business and investment opportunities in the Philippine gaming industry,” he said.
Despite the decline, licensed casinos still lead the way
Although licensed casinos remained the largest contributor to GGR in the first quarter, bringing in 49.7 billion pesos (approximately 797.13 million euros), this was down compared to last year. The casino and bingo businesses operated by PAGCOR also experienced revenue declines, indicating that challenges posed by online platforms remain.
