By the end of 2024, the Philippine government will completely ban offshore gaming operators (POGO), i.e., online gambling. Many weak gambling companies have successively failed and a large number of farmers have reluctantly moved to other countries.
The gambling practitioners (referred to as farmers) exclaimed: Without gambling, the Philippine government will soon run out of money.
The peak of the gambling industry was in 2019, contributing about 35 billion pesos in taxes, accounting for 1.1% of the national tax revenue, which is indeed not low.
But as one falls, another rises.
Before 2016, the Philippine gambling industry was mainly based on offline casinos and bingo halls, mostly located in malls like SM.
In 2016, PAGCOR officially launched POGO (Philippine Offshore Gaming Operators), but it only served foreign customers and did not allow local Filipino users to participate.
With the outbreak of the pandemic in 2020, offline casinos were halted, and under pressure, PAGCOR agreed to issue local online gambling licenses, allowing services to local Filipino players.
From 2022, legal local online gambling (e-games/e-sabong) officially went live.
According to Morgan Stanley's estimates, by 2024, the entire gambling industry's revenue in the Philippines is expected to be about 2850 billion pesos. Online gambling revenue is about 1340 billion pesos.
In just three years of development, the annual tax paid by the online gambling industry has already approached 30 billion pesos, almost filling the void left by Chinese online gambling.
The most important thing is that this is a legitimate industry that pays taxes properly.
In the array of online gambling platforms in the Philippines, the dominant ones are undoubtedly: BINGO PLUS and ARENA PLUS.
If you walk on the streets of Manila, or in the core areas of your city, you can basically see the giant advertisements of these two companies.
Otherwise, you can see their pop-up ads on TV programs and on GCASH.
In January 2022, BingoPlus officially went online, becoming one of the first legal online gambling platforms approved by PAGCOR.
In the following months, the platform began aggressive marketing, collaborating with celebrities for endorsements, sponsoring concerts, sports events, etc.
BingoPlus offers a variety of gameplay options, somewhat similar to a lottery. Moreover, the platform is deeply integrated with electronic payment systems such as GCash and PayMaya.
With its first-mover advantage and heavy investment in advertising, BingoPlus quickly became one of the most well-known and most used local online gambling platforms in the Philippines.
In May 2022, Arena Plus officially went online, becoming one of the first legal sports betting platforms in the Philippines.
The platform also heavily invested in sponsoring various sports events, boxing matches, and became the official partner and main sponsor of the Philippine Basketball Association (PBA).
Currently, Arena Plus is the largest sports betting platform in the Philippines.
What many people do not know is that BINGO PLUS and ARENA PLUS are products of DigiPlus Interactive Corp.
The company's revenue in 2023 broke records, exceeding 12 billion pesos, an increase of over 80% from 2022. BINGO PLUS and ARENA PLUS are its core sources of income, contributing at least half of the revenue.
According to records, DigiPlus Interactive Corp., originally named Leisure & Resorts World Corporation (LRWC), was established in 1957 as a fertilizer company.
The transformation and explosion of the company could not have happened without the push of one man.
In 1993, 27-year-old Alfredo Abelardo "Albee" Benitez founded Bingo Bonanza Corporation, specializing in physical bingo halls.
In 1999, Alfredo merged Bingo Bonanza into the publicly listed company LRWC through his subsidiary companies, effectively going public. He became one of the first to make gambling the main business of a publicly listed company in the Philippines.
After several years of development, by around 2000, Bingo Bonanza became the largest chain of physical bingo platforms in the country, and the company also invested in several casinos.
It is said that those who make a lot of money go into politics, and Alfredo was no exception.
Starting in 2010, Alfredo served three consecutive terms as a congressman, and he suddenly became famous, not because of his political views, but because he was very wealthy.
All public officials in the Philippines must declare their personal assets and liabilities annually. Alfredo declared a net worth of 283 million pesos in 2010, 909 million in 2014, and 1 billion from 2016 to 2019, recognized as the wealthiest congressman in the Philippines. (And that's just the official figure.)
This guy is one of the few in Philippine politics who made his fortune in business, not relying on traditional family ties or inheritance, and is a genuine crossover figure in politics and business.
After entering politics, Alfredo stepped down from the company's management, and he currently directly holds about 3.06% of DigiPlus shares. (Of course, that's just the official figure.)
In 2022, Alfredo was elected mayor of Bacolod (BACOLOD), serving until now.
Alfredo is undoubtedly one of the behind-the-scenes pioneers of the Philippine gambling industry, a pioneer in localizing, legalizing, and digitalizing the gambling entertainment platforms in the Philippines.
Isn't it a passionate entrepreneurial story?
Online gambling companies are making a killing
Creating more job opportunities
The Philippine government is receiving tax revenue
This seems to be a win-win-win situation.
However, bigger social issues are emerging.
Previously, to gamble, one had to go to offline casinos or bingo halls, and cockfights were only available on weekends.
Now, all online gambling platforms are deeply integrated with GCASH. With just a simple click, without any fees, you can transfer money from the payment platform to the gambling platform.
The threshold for betting is low, it's easy to get started, and you can play anytime, anywhere.
Various celebrity endorsements, comedy videos, and live streamers portray online gambling as a "fun, exciting, and easy money-making" lifestyle.
It seems, this is not gambling, but rather a life adjustment, just a game.
This mindset is being imprinted into the brains of countless Filipinos.
Gambling is becoming more and more entertainment-oriented and younger.
A large number of low-income groups and middle-aged and young players are beginning to get addicted, especially in rural areas, where online gambling platforms penetrate faster, and gambling has become entertainment for the poor.
In some villages (BARANGAY), there is even a communal atmosphere of playing together, and gambling has become a form of emotional support and survival hope for grassroots people.
