Philippines iGaming Revenue Soars to Historic PHP58.16 Billion in 2023

A Monumental Leap in iGaming: Philippines Shatters Revenue Records

In a remarkable year for the Philippines’ iGaming sector, the country witnessed its revenue skyrocket to PHP58.16 billion in 2023, marking an unprecedented milestone that nearly doubled the earnings from the previous year. This colossal 92.3% increase from 2022’s PHP30.24 billion, and an 80.4% surge past the previous high in 2019, underscores a golden era in Philippine iGaming.

Strategic Policy Reforms Propel Growth

Regulated iGaming in the Philippines encompasses a broad spectrum, including online games, bingo, specialty games, and sports betting, all under the stewardship of the Philippine Amusement and Gaming Corporation (PAGCOR). The remarkable revenue uptick is attributed to astute policy reforms introduced by PAGCOR’s leadership.

Alejandro Tengco, PAGCOR’s chairman, unveiled these impressive figures at ICE London 2024, highlighting the effective policy changes and licensing rate adjustments as pivotal factors behind this success. The introduction of more favorable conditions has not only expanded the iGaming landscape but also significantly bolstered PAGCOR’s revenue streams.

The Surge in Licensed iGaming Sites

Another testament to the thriving iGaming environment in the Philippines is the record-breaking number of active licensed iGaming sites. Surpassing the 1,000 mark, with more applications in the pipeline, the sector showcases robust growth and a promising future. This expansion reflects the sector’s dynamism and its burgeoning appeal among operators and players alike.

Looking Ahead: Bright Prospects for 2024

With eyes set on the future, Tengco anticipates further revenue enhancements through continuous policy refinements, including additional reductions in licensing rates. These strategic moves are projected to elevate iGaming revenue to an estimated PHP61.75 billion in 2024, marking another year of significant growth.

A Pillar of the Philippine Gaming Industry

This iGaming revenue surge plays a crucial role in the broader Philippine gaming market, which also reported record-breaking total revenue of PHP285.00 billion in 2023. iGaming’s contribution accounted for 20.4% of the overall gaming revenue, underscoring its significant impact on the industry’s prosperity.

With ambitious plans to open new integrated resorts, PAGCOR forecasts a stellar increase in total gaming revenue to PHP336.00 billion in 2024. This optimistic outlook is part of the Philippines’ broader vision to establish itself as Southeast Asia’s premier gaming hub, leveraging its unique position as the region’s only jurisdiction with regulated land-based and iGaming sectors.

A New Era of iGaming Excellence

The Philippines’ iGaming sector’s record-breaking revenue in 2023 marks a significant milestone in the country’s journey to becoming a leading gaming destination in Southeast Asia. Through strategic policy reforms and a forward-looking approach, the Philippines is poised for continued success and innovation in the iGaming industry.