The Philippine gaming industry has reached unprecedented heights, with gross gaming revenue (GGR) soaring to PHP410 billion ($7.16 billion) in 2024, marking a significant milestone in the Asian casino market.
Key Takeaways:
- Philippine gaming revenue hits record PHP410 billion ($7.16 billion) in 2024
- iGaming sector experiences explosive 165% year-on-year growth
- Traditional casinos maintain dominance, generating over PHP201 billion ($3.5 billion)
Record-Breaking Performance
The Philippine gaming industry has demonstrated remarkable resilience and growth, posting a 25% year-on-year increase in GGR. This surge propelled revenues from PHP329 billion ($5.7 billion) in 2023 to the current record-breaking figure, solidifying the country’s position as a leading Asian casino destination.
This impressive performance comes despite the government’s decision to ban Philippine Offshore Gaming Operators (POGOs) in November, some of which had been linked to organized crime.
iGaming Sector Explosion
One of the most notable developments in the Philippine gaming landscape is the extraordinary expansion of the iGaming sector. Online casinos and bingo operations exceeded all expectations, recording a staggering 165% year-on-year increase. The sector’s revenue reached PHP154.51 billion ($2.6 billion), surpassing the PHP100 billion target as early as September.
Traditional Casinos Hold Strong
While the iGaming sector showed explosive growth, traditional brick-and-mortar casinos maintained their position as the primary revenue generator. These establishments accounted for over PHP201 billion ($3.5 billion) in GGR, demonstrating the continued appeal of in-person gaming experiences.
Interestingly, the online surge has not shown signs of cannibalizing the traditional casino market in the Philippines, suggesting a complementary relationship between the two sectors.
Regulatory Changes Fuel Growth
The industry’s boom can be partially attributed to proactive regulatory changes, particularly the reduction of fees by PAGCOR, the Philippine gaming regulator. A notable incentive was the reduction of licensing fees from 55% in 2023 to 30%, encouraging unregistered operators to enter the regulated market.
PAGCOR Chairman and CEO Alejandro Tengco commented on the state of the industry, stating that Philippine gaming is “robust” and increasingly technology-driven.
Emerging Sectors and Future Outlook
The eSports gambling sector is showing promise, with projections indicating it could reach PHP22.1 million ($18.5 million) by 2025. This growth aligns with the nation’s increasing interest in competitive console and mobile eSports.
Looking ahead, the Philippine gaming sector anticipates further growth across all areas, particularly as new technologies reshape the market. Tengco expressed optimism about the industry’s future, stating, “The best days of Philippine gaming are still ahead of us, and we look forward to working with industry leaders to shape its future.”
As the Philippine gaming industry continues to evolve, it presents exciting opportunities for operators, players, and investors alike. The balance between traditional and online gaming experiences, coupled with regulatory support, positions the country for sustained growth in the competitive Asian casino market.
