MANILA, Philippines —More policy tweaks, including further lowering licensing rates, would allow the e-games sector to make bigger contributions to the growth of the local gaming industry, Philippine Amusement and Gaming Corp. (Pagcor) said.
In a statement, Pagcor Chair Alejandro Tengco said that while the regulator already made some policy changes that helped the e-gaming industry clock in a 92.32-percent revenue growth in 2023 to P58.16 billion, more measures are needed to achieve a better financial performance.
“Because of the policy changes implemented by the current management, there was a considerable increase in gaming sites,” Tengco said.
”We also approved reductions in [licensing] rates that contributed to the spike in approved sites,” he added.
Documents from Pagcor showed the regulator collects an application fee of P300,000 from operators of eBingo and eCasino games seeking a three-year license.
READ: Pagcor poised to cut share in online casino revenues
Meanwhile, those applying for sports betting and specialty games licenses valid for two years would have to pay a P200,000 application fee.
Security deposit
That is on top of other charges like the performance cash deposit that is paid by an operator to Pagcor as security against possible noncompliance with financial obligations.
READ: PH gaming industry posts record-breaking 2023 take
According to Tengco, the P58.16 billion in e-games revenues last year surpassed the previous record-high of P32.24 billion posted in 2019, or before the pandemic outbreak.
The Pagcor chief added that the regulator reached another milestone in 2023 with more than 1,000 licensed e-gaming sites.
This year, Pagcor projects earnings of the local e-games sector to hit a higher P61.75 billion. Tengco earlier said the e-games sector could potentially overtake physical casinos in terms of revenues over the next few years as the gambling sector keeps up with technology.
“The e-games sector’s notable performance positively impacted not only the local gaming industry but also Pagcor’s revenue generation efforts,” Tengco said. —Ian Nicolas P. Cigaral