Online casinos in the Philippines have emerged as the country's largest taxpayers in 2024

According to investment bank Morgan Stanley, the burgeoning iGaming industry in the Philippines has emerged as the country's largest taxpayer. In the third quarter of 2024 alone, local online casinos contributed 28 billion Philippine pesos (approximately $490 million) to the national budget.
In their report, Morgan Stanley analysts noted that, based on data from the Philippine Amusement and Gaming Corporation (PAGCOR), the annual gross gaming revenue (GGR) for the country's iGaming sector reached $2.4 billion (around 248.33 billion rubles). This figure represents 70% of the revenue generated by land-based casinos.
The analysts also highlighted that the outlook for the sector is expected to improve further, given PAGCOR's plans to reduce taxes on iGaming revenues. Starting January 1, 2025, licensing fees for online gaming will be set at 25% for integrated resorts and 30% for other land-based operators.
DigiPlus has emerged as the leader in the iGaming sector, surpassing its competitor Bloomberry in both GGR and EBITDA in the second quarter of 2024. The company's market share has reached nearly 50%.
"DigiPlus boasts over 30 million registered users. This substantial player base allows the company to maintain a strong position in a market with an adult population of 70 million," the Morgan Stanley analysts noted.
This year, PAGCOR has been actively promoting the growth of local online games, also known as e-Games, which include eCasino, eBingo, and virtual sports. This stands in stark contrast to the Philippine offshore gaming operators (POGO) industry, which the government has been winding down in recent months, aiming for a complete ban by January 1, 2025.
It is worth noting that the Philippines will be reducing the fees for gaming licenses.