The Philippines' gross gaming revenue for the first quarter of 2024 reached a record high of 81.7 billion pesos
The online gaming sector has shown particularly impressive results, with revenue soaring from 3.5 billion to 22.5 billion pesos (from 5.56 billion to 35.7 billion rubles) over the course of the year—an increase of nearly sixfold.
Alejandro Tengco, PAGCOR's chairman and CEO, noted that the performance of the iGaming market continues to exceed the regulator's expectations. He attributes this success to the widespread adoption of mobile devices and the significant impact of gaming technologies on daily life and entertainment preferences. "Given the ongoing development of technology and its influence on various aspects of our lives, including entertainment, it is clear that the future of gaming lies in this sector," Tengco stated.
He is confident that the success of the iGaming market, coupled with favorable conditions created by improvements in the regulatory framework, will attract more gaming companies and investors, both local and international.
Despite the substantial growth in the iGaming sector, land-based casinos remained the primary source of revenue in the first quarter. This sector generated 49.7 billion pesos (78.8 billion rubles), although this figure was down from 54.15 billion pesos (85.9 billion rubles) a year earlier.
PAGCOR's network of Casino Filipino establishments earned 4.69 billion pesos (7.4 billion rubles) in the first quarter of 2024, compared to 5.13 billion pesos (8.1 billion rubles) in the same period in 2023.
It is worth noting that the Philippine gaming regulator reported a 42% increase in revenues from January to March 2024.
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