Philippines iGaming Revenue Hits Record High in 2023
Date: 2024-02-13 Author: Dima Zakharov Categories: EVENTS
Record-Breaking Revenue
The iGaming sector in the Philippines has achieved unprecedented success in 2023, with revenue reaching an all-time high of PHP58.16bn. This remarkable figure marks a substantial increase from the previous year, nearly doubling the total revenue.
Exponential Growth
The surge in revenue represents a staggering 92.3% rise compared to 2022, showcasing the exponential growth of the iGaming industry in the country. Moreover, the 2023 revenue surpassed the previous annual record set in 2019 by an impressive 80.4%.
Regulatory Framework
The regulated iGaming activities in the Philippines are overseen by the Philippine Amusement and Gaming Corporation (Pagcor). These activities encompass a wide range of online games, bingo, specialty games, and sports betting.
Policy Reforms
Pagcor Chairman Alejandro Tengco attributes the substantial revenue increase to policy reforms implemented in the country. These reforms have facilitated the growth of the gaming sector, leading to a surge in the number of licensed iGaming sites operating in the Philippines.
Positive Outlook
Looking ahead to 2024, Tengco anticipates further revenue growth supported by additional policy adjustments. With plans to lower licensing rates and other regulatory tweaks, the projected revenue for 2024 is expected to reach PHP61.75bn.
Market Performance
The remarkable performance of the iGaming sector significantly contributes to the overall gaming market in the Philippines. In 2023, the total gaming revenue for the country amounted to PHP285.00bn, marking an 11.2% increase from the previous record set in 2019.
Future Prospects
Tengco expresses confidence in the long-term potential of the gambling industry in the Philippines. With ambitions to establish the country as Southeast Asia’s gaming hub, the Philippines remains at the forefront of both land-based and online gambling regulation in the region.
