Despite the ban on Philippine Offshore Gaming Operators (POGO), the Philippine gaming industry still experienced significant growth in 2024, with total gaming revenue (GGR) reaching 410 billion Philippine pesos, a 25% increase from the previous year.
Alejandro H. Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), announced this news at the ASEAN Gaming Summit held in Manila.
Tengco emphasized that with the exit of offshore gaming, PAGCOR is prioritizing a technology-driven future, focusing on regulating electronic gaming while maintaining strict supervision to combat illegal operators.
Land-based casinos contributed 2010 billion Philippine pesos (approximately 35 billion US dollars), nearly half of the total gaming revenue.
However, the most significant growth was seen in the electronic games and electronic bingo games sector, generating 1545.1 billion Philippine pesos in revenue, a 165% increase year-over-year.
PAGCOR attributed this growth to strategic policy changes, including a gradual reduction in electronic gaming licensing fees. Previously set between 50% to 55%, these fees will be reduced to 30% of GGR starting January 1, 2025, encouraging unregistered operators to enter the regulated market and maintaining profitability for licensed operators.
The reduction in fees also helped the electronic gaming industry achieve its 2024 revenue target of 1000 billion Philippine pesos in September.
Looking ahead, Tengco is optimistic about the continued expansion of the industry, stating, "We want to assure industry stakeholders that responsible gaming and market integrity will remain at the core of our efforts as we strive for greater success.
"The best days of the Philippine gaming industry are still ahead, and we look forward to working together to shape the future of development."
