The iGaming market in the Philippines achieved a record revenue of over 58 billion pesos in 2023
The gambling sector in the country is regulated by the Philippine Amusement and Gaming Corporation (PAGCOR) and encompasses online gaming, bingo, special games, and sports betting. PAGCOR Chairman Alejandro Tengco announced the latest financial figures at the ICE London 2024 exhibition, attributing the revenue growth to political reforms in the country.
According to Tengco, the number of licensed gaming sites operating in the Philippines has reached an all-time high. Currently, over 1,000 online platforms are active in the country, with expectations for continued growth.
He stated, "Thanks to the policy changes implemented by the current administration, the number of gaming sites has significantly increased. We have also approved a reduction in licensing fees, which has contributed to a sharp rise in the number of approved sites. The outstanding results of the electronic entertainment sector have positively impacted not only the local gaming industry but also PAGCOR's revenue-generating efforts."
Looking ahead to 2024, Tengco highlighted that further policy changes are expected to drive additional revenue growth. Reforms, including further reductions in licensing fees, could boost revenues to an anticipated 61.75 billion pesos (approximately $1.1 billion) for the year.
Earlier, the regulator reported a record total revenue for the Philippine gambling market. In 2023, the industry generated 285 billion pesos (around $5.1 billion), an 11.2% increase over the previous peak recorded in 2019. Of the total revenue in 2023, iGaming accounted for 20.4%. PAGCOR forecasts that the overall revenue for the country's gambling industry will reach 336 billion pesos (approximately $6 billion) in 2024.
Additionally, Hard Rock has provided updates on the construction of its permanent hotel-casino in Bristol.
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