Philippine gaming regulator saw a revenues rise to €1.3billion last year
Philippines.- The Philippine Amusement and Gaming Corporation has revealed a significant increase in annual revenues driven mostly by contributions from online gaming firms.
Land-based casino operations also contributed to the bumper year, with annual revenues up 11.6 percent to P75.8 billion (€1.3 billion).
The amount exceeded PAGCOR’s 2019 target by PHP 1.3 billion (€23 million).
According to PAGCOR the growth was a result of gaming revenues from slot machine operations, electronic bingo, table games operations, regulatory fees from its POGO sector and fees from licensed casinos.
The strong results from the POGO sector came as a surprise as 2019 was the year when PAGCOR stopped issuing new licenses to online gaming firms. There are currently 58 POGO firms in the country.