Driven by the growth of electronic gambling and the allure of high-stakes gamblers, Philippine gaming revenue is expected to reach a record 350 billion pesos in 2024, while Pagcor is preparing to revoke POGO licenses due to criminal issues.
The head of the Philippine gaming regulatory agency stated that driven by the growth of the electronic gambling industry, the revenue of the Philippine gaming industry is expected to reach a record 350 billion pesos ($6.03 billion) this year.
This forecast exceeds the target of 334 billion pesos set by the Philippine Amusement and Gaming Corporation (Pagcor) and represents a significant increase from last year's total gaming revenue (GGR) of 285 billion pesos.
Pagcor Chairman Alejandro Tengco told reporters: "I believe that our total gaming revenue (GGR) this year will exceed 350 billion pesos." Total gaming revenue is an important indicator of the industry, reflecting the total amount of money wagered by players minus the prizes.
The Philippine Amusement and Gaming Corporation is directly under the Office of the President of the Philippines, and its significant revenue increase is a good sign for this Southeast Asian country, as most of its profits constitute part of the national budget.
Manila's gambling industry is a scaled-down version of the Las Vegas entertainment district, with integrated casino resorts owned by companies such as Japan's Universal Entertainment Corporation and Melco Resorts & Entertainment Limited, continuously attracting high rollers from China, Japan, South Korea, and other countries.
Tengco also announced that Pagcor will revoke all offshore gaming company licenses by the end of the year to comply with the directive issued by President Ferdinand Marcos Jr. in July prohibiting Philippine offshore gaming operators (POGO).
This ban was issued based on reports of POGO-related crimes, including human trafficking, torture, kidnapping, as well as credit card fraud and cryptocurrency investment scams.
In 2016, the online gambling industry emerged in the Philippines, and as operators took advantage of the country's lax gambling laws targeting Chinese customers (where gambling is illegal), the industry rapidly expanded.
