Philippine gross gaming revenue rises 25% in 2024
PAGCOR’s CEO and chairman says the regulator will continue to closely regulate electronic gaming.
The Philippines.- Alejandro Tengco, chairman and chief executive officer of the Philippine Amusement and Gaming Corporation (PAGCOR), has said that Philippine gross gaming revenue (GGR) reached PHP410bn (US$7.1bn) in 2024. That’s a rise of 25 per cent in year-on-year terms.
Speaking at the ASEAN Gaming Summit in Manila, Tengco said that while brick-and-mortar casinos contributed PHP201bn (US$3.46bn), nearly half of all GGR, the E-Games and E-Bingo sector generated PHP154.5bn (US$2.67bn), a 165 per cent year-on-year increase. The e-games sector hit its 2024 GGR goal of PHP100bn by September.
Tengco attributed this to new policies, like the reduction in fees for e-games from 35 per cent to 30 per cent. he said this helped bring unregistered operators into the regulated market and supported licensed operators, preventing closures and maintaining profits.
The strong figures close a year that saw the Philippines announce a ban on offshore gambling operators, which came into force at the end of the year. This ban does not affect the operations of domestic electronic gaming.
Tengco said: “As offshore gaming exits, PAGCOR recognizes that the future of Philippine gaming will continue to become more technology-driven. This is why PAGCOR will continue to closely regulate electronic gaming while ensuring strict oversight to combat illegal operators.”
He added: “We wish to assure our industry stakeholders that even as we strive for greater success, responsible gaming and market integrity will continue to be at the heart of our efforts.”
