The net profit of the Philippine gaming regulator surged by 98% in the first nine months of 2024
Total revenue for the period surged by 42% from 2023, amounting to 79.43 billion pesos ($132.3 million). Revenue from gaming operations rose by 35.3%, totaling 69.88 billion pesos ($116.4 million). Specifically, the third quarter alone accounted for 24.49 billion pesos ($40.8 million).
Alejandro Tengco, Chairman and CEO of PAGCOR, attributed the impressive results to the robust performance of the iGaming sector. He noted that this segment contributed 28.22 billion pesos (nearly $47 million), or 35.52% of the total gaming revenue. Licensed casinos followed closely, contributing 24.5 billion pesos ($40.8 million), or 30.84%.
"Our third-quarter results clearly demonstrate that we are still on track to achieve our revenue target of 100 billion pesos ($166.5 million) by the end of the year," Tengco stated.
The regulator's report indicated that operating expenses for the first nine months of 2024 increased by 29.5% year-on-year, reaching 24.41 billion pesos ($40.7 million). By the end of the first three quarters, PAGCOR had contributed a total of 44.97 billion pesos ($74.9 million) to government funds. Under Philippine law, the regulator is required to remit at least half of its annual gross income to the national treasury.
PAGCOR anticipates that the country's gaming industry will generate 336.38 billion pesos ($560.2 million) in gross gaming revenue for 2024. If these projections hold true, this figure would exceed the 2023 results by 17.9%.
Meanwhile, the Philippines is set to reduce the fees for gaming licenses.
Blog
Explore more interesting news
Amigo Gaming has announced a new partnership with Elantil, a company renowned for its flexible, modern, and operator-focused approach. As part of the agreement, the ...
The Brazilian Senate's Economic Affairs Committee (CAE) has approved a bill to gradually increase the gross gaming revenue (GGR) tax for casino operators from 12% ...
Pragmatic Play has announced a new partnership with Loterías Torito, aimed at strengthening the provider's position in the regulated Peruvian iGaming market. This agreement will ...
Lotte Tour Development Co. Ltd, the owner of the South Korean casino Jeju Dream Tower, has released its financial results for November 2025. During this ...
Genting Malaysia's revenues significantly exceeded forecasts for the third quarter of 2025. The group's total revenue rose by 22% year-on-year, reaching $813 million (63.6 billion ...
A user of the online casino DraftKings in Michigan has set a new record for the American gambling industry by winning the largest jackpot in ...
Content provider for online casinos, Amigo Gaming, is continuing its expansion in Latin America. The company has announced an extension of its strategic partnership with ...
The regulated sectors of online betting and land-based gambling have played a crucial role in the significant increase in Brazil's tax revenues in October and ...
Finland is steadily moving towards the licensing of its iGaming sector. Today, the country's authorities published two draft technical documents that will form part of ...
BGaming, a prominent game developer, has been honored with the prestigious SiGMA Central Europe Award for "Best Casino Game of 2025" for its viral hit, ...
The iGaming industry in Ontario set record results in October 2025, achieving its highest figures since the launch of the regulated market in 2022. According ...
Booming Gaming has announced a partnership with online casino operator Placard, marking the supplier's debut in Portugal's regulated iGaming market and strengthening its presence in ...
