Industry analysts predict that the gambling sector in the Philippines can reach ₱350+ billion ($ 6.03 billion) in GGR for 2024. The record-breaking achievement is possible thanks to the increased interest in the country’s capital from Chinese, Japanese, South Koreans and other Asian high rollers.
Situation in the Local Market
For many decades, PAGCOR has regulated the state’s gambling segment. Its Chairman mentioned that profits from e-games are a driving force behind the potential breakthrough in full-year GGR. Alejandro Tengco was among the first to voice a prediction at the ₱350 billion level.
Previously, the authority’s representatives forecasted the niche revenue to reach ₱334 billion. In 2023, actual profits hit ₱285 billion, so the new prediction marks 23% YoY growth.
The iGaming sphere emerged in the country in 2016 and rapidly expanded. The industry’s companies benefit from local liberal regulation and actively target neighbouring Chinese players since their state prohibits all RMG activities.
Spreading Ban on POGOs' Operations
The Philippine government continues revoking all permits granted to offshore gambling brands. The authorities plan to complete the task by the end of this year.
Mr Tengco listed approximate dates:
- earlier in 2024, the market had 48 licensed POGOs;
- on November 30th, the number was decreased to 13;
- since December 15th, there must be no certifications left.
This decision follows the President’s directive prohibiting all offshore operators in the country due to their violations and bad reputations. From January 1st, any POGO working in the state would be considered illegal and subject to severe penalties.
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