PAGCOR anticipates e-games to overtake land-based casinos in the country
PAGCOR’s chairman said e-games will surpass land-based casinos in revenue in the Philippines, as technological advancements transform the country’s gambling industry.
In a recent briefing, Alejandro Tengco, the chairman and CEO of the Philippine Amusement and Gaming Corp (PAGCOR), highlighted the increasing significance of electronic games (e-games) in shaping the country’s gambling landscape.
Tengco said that e-gaming has significantly increased the regulator’s revenues and has the potential to surpass physical casinos in the coming years.
He also added that the younger market prefers e-gaming, and some people prefer not to be seen playing in casinos. Tengco then pointed out that e-gaming offers the convenience of placing bets from the comfort of home or office, without having to visit a physical casino.
PAGCOR regulates all games of chance and issues licences to all gaming operations within the Philippines. Through its e-games licensing department, the regulator oversees traditional bingo games, e-bingo, e-casino, sports betting, speciality games, and e-billiards.
As of the end of 2023, 23 licenced gaming system service providers offer e-games. There are also nine more authorized online and remote gaming platforms, including Bingo Plus, Solaire Online, Casino Plus, Thunderbird Online Casino, Okada Online Casino, and Winford.
For 2023, PAGCOR reported gross gaming revenues (GGR) of PHP285bn (US$5.1bn), up 33 per cent year-on-year. Casinos remained the primary revenue contributors, accounting for PHP207.5bn (US$3.7bn). However, it was followed by the electronic games sector with PHP58.16bn (US$1.04bn).
Despite this, Tengco then stressed that traditional casinos will always be present, despite the potential benefits of e-games and noted some people still prefer the experience and excitement of traditional land-based casinos. However, to take advantage of the growth in e-gaming, the regulator plans to launch its own online casino.
By the second half of the year, Casino Filipino, PAGCOR’s chain of 43 casinos, is expected to have its own online platform. Tengco had previously said it would offer expanded market reach, enhanced customer engagement and increased revenue potential.
