Online gaming industry nearly doubles in growth

PAGCOR Chairman and CEO Alejandro H. Tengco discusses the phenomenal rise of online gaming activities in the Philippines during the ICE London 2024 Conference in London last February 6, 2024.

In 2023, the Philippine Electronic Gaming industry experienced a remarkable surge in revenue, nearly doubling compared to the previous year, thanks to policy reforms, as stated by Alejandro Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation.

There was a phenomenal rise of over 90% in online gaming activities in 2023 compared to the previous year.

Alejandro H. Tengco, PAGCOR Chairman and CEO

The E-Gaming sector, encompassing e-games, e-bingo, specialty games, and sports betting, contributed Php58.16 billion to the country’s gross gaming revenues (GGR) in 2023, marking a significant increase of 92.32% from its earnings of Php30.24 billion in the previous year. This contribution to the 2023 GGR set a new record, surpassing the previous high of Php32.24 billion achieved in 2019 before the onset of the pandemic.

The ICE London 2024 Conference, known as the Global Gaming Hub for B2B industry experts, provided an optimal platform for gaming industry leaders to discuss achievements, initiatives, and future visions. Historically, ICE stands for “International Casinos Exhibition” and serves as the premier destination for industry innovation, collaboration, and networking.

Chairman Tengco also announced a significant milestone for PAGCOR in 2023, with over 1,000 licensed E-Gaming sites and more applications in the pipeline. He attributed this growth to policy changes implemented by the current management, including reductions in licensing rates that led to an increase in approved sites.

Chairman Tengco emphasized that the outstanding performance of the E-Games sector had a positive impact not only on the local gaming industry but also on PAGCOR’s revenue generation efforts.

Further policy adjustments, such as lowering licensing rates, coupled with the increasing integration of technology in gaming, are expected to sustain the growth of the E-Games sector. It is projected to generate revenues of Php61.75 billion in 2024, continuing to drive the expansion of the local gaming industry.

We are hopeful that the online gaming industry continues to grow year on year. Regulated markets enjoy greater trust and confidence between the operators and players. This also ensures that the proper taxes are paid and in turn, helps fund government projects.

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