The Philippine gaming industry has posted record revenue growth even though the government chose to ban Philippine Offshore Gaming Operators (POGOs), according to Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro Tengco.
Speaking at the ASEAN Gaming Summit in Manila, Tengco revealed that gross gaming revenue (GGR) reached PHP410 billion ($7.16 billion) in 2024, which is a 25% increase from the previous year’s impressive PHP329 billion.
E-Gaming drives industry growth
In terms of the main contributors here, the E-Games and E-Bingo sector saw explosive growth, generating PHP154.51 billion, an incredible 165% year-on-year increase.
This sector, which covers online casino gaming and internet-based bingo, surpassed its PHP100 billion annual target by September 2024, leaving three months for overachievement.
However, despite the digital age we live in today, it is the brick-and-mortar casinos that are the biggest revenue source, accounting for PHP201 billion of total GGR.
Tengco credited strategic policy adjustments, including fee reductions, for the industry’s strong performance.
“In 2023, PAGCOR collected license fees as high as 55%, discouraging growth,” Tengco said. “We gradually reduced rates, and from January 1, 2025, the fee stands at 30% of GGR. This has encouraged unregistered operators to join the regulated market, ensuring sustainability for licensed businesses.”
Industry remains strong despite POGO exit
As for why the POGOs were shuttered in November 2024, President Ferdinand Marcos Jr. cited links to money laundering, financial fraud, human trafficking, and other criminal activities.
Tengco acknowledged the impact of losing POGOs but emphasized that Philippine gaming remains resilient and increasingly technology-driven.
“As offshore gaming exits, PAGCOR is committed to strictly regulating electronic gaming and preventing illegal operators from filling the gap,” he stated.
Commitment to responsible gaming and market integrity
Even though the revenue growth is there, PAGCOR is still prioritizing responsible gaming initiatives to maintain the industry’s long-term stability.
“We want to assure stakeholders that responsible gaming and market integrity remain central to our efforts,” Tengco said.
Looking ahead, he expressed confidence in the continued expansion of Philippine gaming, stating:
“The best days of Philippine gaming are still ahead of us, and we look forward to working with industry leaders to shape its future.”
