Record-Breaking Revenue Growth
In 2023, the iGaming revenue in the Philippines skyrocketed to PHP58.16 billion, marking a significant milestone for the country. This achievement nearly doubled the total revenue from the previous year, setting a new record in the industry.
Phenomenal Year-on-Year Increase
The remarkable growth in revenue saw a staggering 92.3% increase compared to 2022, surpassing all previous records. Notably, the revenue surge of 80.4% from the highest previous annual revenue in 2019 showcases the industry's rapid expansion.
Regulatory Framework and Policy Reforms
Regulated by the Philippine Amusement and Gaming Corporation (Pagcor), the iGaming sector encompasses various online games, bingo, specialty games, and sports betting. The chairman of Pagcor, Alejandro Tengco, attributed the revenue surge to policy reforms within the country.
Record Number of Licensed Sites
Alejandro Tengco announced during the ICE London 2024 event that the Philippines now boasts a record number of licensed iGaming sites. With over 1,000 active websites in the market and numerous pending applications, the sector's growth trajectory is undeniable.
Future Outlook and Projected Growth
Looking ahead to 2024, Tengco anticipates further revenue growth with additional policy adjustments. Projections suggest that revenue could reach PHP61.75 billion for the year, driven by continued regulatory improvements and the opening of new integrated resorts.
Continued Confidence and Long-Term Prospects
The robust performance of the Philippines' gambling industry signals confidence in its long-term prospects. Tengco envisions the country becoming Southeast Asia's gaming hub, emphasizing its unique position as the sole jurisdiction regulating both land-based and iGaming activities.
With its unprecedented growth and ambitious goals, the Philippines is poised to maintain its prominence in the global iGaming landscape.