The Philippine Amusement and Gaming Corporation (PAGCOR) predicts a boom in the electronic gaming business in the coming years, supported by legislative developments including lower licensing costs.
Gross gaming revenue (GGR) for this market, which includes sports betting, electronic games, electronic bingo and specialty games, will increase significantly by 90% in 2023.
In a statement released on Monday, PAGCOR expects the video gaming industry's gross gaming revenue to reach 61.75 billion pesos ($1.1 billion) by 2024, a 6.2% increase from last year's 58.16 billion pesos ($1.04 billion).
PAGCOR Chairman and CEO Alejandro Tengco attributed eGaming’s 92.32% growth in 2023 to a number of regulatory advancements during a panel discussion at ICE London last week.
Tengco said there are already more than 1,000 authorized online gaming sites in the Philippines, and more applications are under development.
"Due to the policy changes implemented by the current management, the number of gaming websites has increased significantly," Tengco said.
Additionally, we approved a reduction in licensing fees, which will help expand the list of approved venues. PAGCOR's revenue-generating activities and the local gaming industry have benefited from the strong performance of the electronic gaming industry. "
Additionally, PAGCOR noted that licensing costs for eGaming operators are likely to fall further in 2024, indicating continued support for the industry’s expansion and advancement.
