The online gaming sector notably contributed to this growth, with its revenue soaring by 208.4%.
Gross gaming revenue (GGR) in the Philippines saw a significant rise, climbing by 19.2% year-on-year to PHP194.74bn (£2.56bn/€3.05bn/$3.33bn) during the first half of 2024. The online gaming sector notably contributed to this growth, with its revenue soaring by 208.4%.
This figure marks a substantial increase from the PHP163.36bn recorded in the first half of the previous year, as reported by the Philippine Amusement and Gaming Corporation (Pagcor). This surge is partly attributed to reforms and stricter regulations introduced by the new Philippine administration.
Analyzing the first half performance, land-based casinos continued to be the largest revenue source, generating PHP99.16bn. Conversely, Casino Filipino properties, managed by Pagcor, experienced an 11.6% drop in revenue, bringing in PHP8.89bn. These properties are expected to transition to private ownership, aligning with Pagcor’s plan to privatize operations by 2025. This move aims to shift Pagcor to a purely regulatory role, thereby leveling the playing field for licensees and attracting new investments into the country.
Philippine Offshore Gaming Operators (POGOs) were standout performers, with online GGR reaching PHP63.01bn, more than triple the PHP20.43bn recorded in H1 2023, according to Pagcor. Despite the impressive growth of online gaming, the sector remains controversial. Senator Joel Villanueva continues to advocate for his 2022 legislation to ban POGOs, despite previous unsuccessful attempts to limit or outlaw the industry.
In response to these challenges, Pagcor has been proactive in channeling illegal activities into the regulated market. In March, chairman and CEO Alejandro Tengco announced a reduction in operator fees, lowering rates by an average of 5% to encourage more businesses to apply for licenses.