DigiPlus Interactive Corp., listed on the Philippine Stock Exchange, has seen its shares rise by 151 percent this year as of Wednesday, surpassing all other casino stocks with a market value over $1 billion.
Over the past two years, the stock has increased twelvefold, driven by a shift to online operations during the pandemic. In 2023, DigiPlus ranked as the best-performing company on the Philippine Stock Exchange (PSE), outperforming nearly 300 other listed companies in terms of stock price growth.
DigiPlus, a digital entertainment group, is leveraging its strong position in the domestic online gaming market. According to the latest financial results, DigiPlus reported a net income of PHP5.2 billion ($90.8 million) for the first half of 2024, marking a 377 percent increase from PHP1.1 billion ($19.2 million) in the same period the previous year.
Revenues surged 263 percent to PHP32.5 billion ($567.7 million), while EBITDA reached PHP5.5 billion ($96.1 million), a 336 percent increase from the previous year.
Formerly operating as Leisure & Resorts World Corp. with a focus on bingo halls, the company rebranded and shifted its focus to attract tech-savvy younger players with disposable income.
The company’s sustained profit momentum is driven by the strong performance of its digital retail segment, along with the rationalization of revenue sharing with the Philippine Amusement and Gaming Corporation (PAGCOR) for electronic games, implemented in April 2024.
Although the recent ban on Philippine Offshore Gaming Operators (POGOs) has not impacted DigiPlus’s business, local lawmakers are considering potential regulations on local online gambling due to concerns about its social impact. Meanwhile, DigiPlus is pursuing international expansion and has recently applied for a license in Brazil.