Revenues from the Philippines’ gaming industry, which includes casinos, online bingo and sports betting, jumped by a little more than a third from July to September even with the unwinding of Philippine offshore gaming operators (Pogos).
Philippine Amusement and Gaming Corp. (Pagcor) on Thursday said that the local gaming industry’s gross gaming revenues reached P94.61 billion during the three-month period.
This is equivalent to a 37.52-percent increase compared with the P68.79 billion recorded in the same period in 2023.
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The state gaming regulator attributed the growth to the electronic gaming sector, which covers traditional bingo games, electronic bingo (eBingo), electronic casinos (eCasino), sports betting, specialty games and online poker.
It noted that the sector’s revenue in the third quarter soared to P35.71 billion from the P6.32 billion recorded in the same period last year.
“This impressive performance is a strong indication that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming,” Pagcor chair and chief executive officer Alejandro Tengco said in a statement.
Tetangco expressed optimism that the e-gaming sector will “continue to flourish” as technology increasingly becomes an integral part of people’s lifestyles, including in shopping, gaming and entertainment.
“In fact, by year-end, we expect this sector to generate as much as P78 billion in license fees alone, substantially contributing to the realization of our P100 billion revenue target for 2024,” he said.
The higher contribution from the e-gaming sector is expected to make up for the departure of Pogos, which flourished into a multi-billion-peso industry during the time of former Pres. Duterte.
President Ferdinand Marcos Jr., however, announced back in July the ban on Pogos, citing concerns over criminality and reputational risks to the Philippines.
Pagcor first introduced the concept of Pogos in 2016, earning it P73.3 million in fees
By 2022, revenues have plunged to P7 billion, which fell further to P5 billion by 2023.
Amid the strong growth seen in the electronic gaming sector, revenues from PAGCOR’s licensed casinos remained the biggest contributor during the period.
Licensed casinos brought in P50.72 billion, or more than half of the total, despite suffering a 2.27 percent dip in revenues compared to the previous year’s 51.90 billion.
PAGCOR said that the Casino Filipino gaming venues they operate raked in P3.64 billion, leading to 26.32 drop from the P4.94 billion recorded in the same time frame last year.
Revenues from their bingo operations also suffered almost a similar drop, as it fell by 19.43 percent to P4.52 billion from P5.61 billion. —Alden M. Monzon