Gambling Revenue Growth in the Philippines for Q3 Reached 37.5%

General Indicators

Gambling revenue in the Philippines grew by 37.5% in the third quarter of 2024 compared to the same period last year, reaching Php94.61 billion (approximately $1.7 billion). A year earlier, this figure stood at Php68.79 billion.

Online Gambling – The Key Growth Driver

The electronic gaming (iGaming) sector played a crucial role in this growth, increasing its revenue more than fivefold – from Php6.32 billion to Php35.71 billion. This is a record growth of 464.38%.

PAGCOR (Philippine Amusement and Gaming Corporation) expects that online gambling revenue will reach Php78 billion by the end of the year, significantly bringing the industry closer to the projected Php100 billion mark for 2024. The government plans to collect $1.3 billion solely from licensing fees.

Decline in Land-Based Casino Revenues

Unlike the online sector, traditional casinos and gaming halls showed a decline:

• Land-based casino revenues decreased by 2.3%.
• Gaming hall revenues fell by 26.3%.

Future of the Industry

PAGCOR Chairman Alejandro Tengco expressed confidence that technology and mobile devices will continue to play an important role in gambling. He noted that online games are becoming part of daily life, along with online shopping and entertainment.

However, the industry’s prospects are overshadowed by the upcoming ban on POGO (Philippine Offshore Gaming Operators). Despite this, PAGCOR expects further revenue growth through the development of electronic platforms and the expansion of licensing programs.