The Philippines iGaming market generated a record revenue of over 58 billion in 2023

Online gambling revenues in the Philippines in 2023 reached 58.16 billion pesos (about P95 billion). The figure was almost double that of 2022 and broke the previous record set in 2019, when the industry earned 32.24 billion pesos (52.66 billion rubles).

Gambling in the country is regulated by the Philippine Amusement and Gaming Corporation (PAGCOR) and includes online gaming, bingo, specialty games and sports betting. The organization’s chairman Alejandro Tengco announced fresh financial figures at ICE London 2024. He attributed the revenue growth to the country’s political reforms.

According to Tengco, the number of licensed gaming sites operating in the Philippines has reached a record high. Over 1,000 online platforms are currently active in the country and the number is expected to grow.

The Chairman said, Thanks to policy changes implemented by the current leadership, the number of gaming sites is significantlyhas increased dramatically. We also approved a reduction in rates [for licenses]. This contributed to a sharp increase in the number of approved sites. The outstanding performance of the electronic entertainment sector has had a positive impact not only on the local gaming industry, but also on PAGCOR’s revenue generation efforts.

Estimating the market potential in 2024, Tengco noted that additional policy changes will drive subsequent revenue growth. The reforms, including further iards of pesos (RUB 548.9 billion).

Note: Hard Rock spoke about the progress of the construction of a permanent hotel-casino in Bristol.


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