Philippine Gambling Revenue Increase by 37.5 Percent in Q3
Last updated on November 16th, 2024 at 07:43 pm
Philippine gambling revenue increased 37.5 percent in the third quarter. Pay per head bookie experts attributed the increase to the online gambling sector, which offset the revenue drop from the land-based market.
Last Thursday, the Philippines Amusement and Gaming Corporation (Pagcor) released financial data showing that Q3 revenue reached $1.61 billion. This is 2.7% more than in Q2 of this year and more than last year’s reported PHP68.79 billion.
The most impressive third-quarter outcome was the 465.0% increase, or PHP35.71 billion, brought in by electronic (or online) gambling. The Philippines ‘ electronic gambling industry comprises online casinos, sportsbooks, bingo halls, and specialized games. Alejandro Tengco, CEO and chairman of Pagcor, praised the phenomenal growth. He predicted the industry would keep expanding and hit its 2024 end-of-year sales goal of PHP100 billion.
Philippine Gambling Revenue in Q3
In contrast to the internet gaming business, the land-based gambling industry is not showing any symptoms of slowing down. Similar patterns to those observed in other sectors in recent quarters have also contributed to declines in the land-based gaming business. The future of iGaming in the country is bright despite the closure of POGOs.
The third quarter saw a 2.3% year-on-year revenue decline to PHP50.72 billion from licensed land-based casinos. While casinos still bring in the most money from local gamblers in the Philippines, their dominance may soon be threatened by the expanding online gambling industry.
Revenue for gambling venues fell 26.3% to PGP3.64 billion in Q3, adding to the overall drop. In comparison, the record quarterly number from the previous year was PGP4.64 billion. Lastly, throughout the quarter, the country’s bingo activities brought in PHP4.52 billion, a 19.4 percent drop.
The expansion of internet gambling occurs in the final weeks before the complete implementation of a ban on Philippine Offshore Gaming Operators (POGOs). President Ferdinand Marcos Jr. instructed Pagcor to terminate all POGO activities by year’s end in July. He felt this was essential to forestall any more serious violations of Philippine law.
Closure of Offshore Operators
Marcos said that the industry was involved in a wide range of criminal acts, including financial fraud, human trafficking, kidnapping, torture, and murder. There have been allegations linking POGOs to significant crimes in the Philippines, which has made them contentious there. May 2023 saw the seizure of more than a thousand laptops belonging to CGC Technologies following allegations of human trafficking and credit card fraud.
The House resolved to swiftly implement the prohibition after Marcos’ declaration, which was greeted with thunderous applause. House Speaker Martin Romualdez assured constituents he would rush upon receiving the agenda. Outlawing POGOs was the goal of a movement that began in 2022. In September 2022, Senator Joel Villanueva introduced Senate Bill 1281, which intends to ban all types of online gambling. This move was made in response to allegations that the POGO industry was influencing influential public figures.
Marcos praised the prohibition as a vital measure to stop more “grave abuse and disrespect” for Philippine laws. Several POGO facilities have been raided because of allegations linking them to severe crimes in the country, which has made them more contentious. In May of 2023, provider CGC Technologies was apprehended on charges of human trafficking and credit card fraud, leading to the seizure of more than 1,000 machines.
Marcos also asked the country’s Department of Labor and Employment to collaborate with economic managers to help find jobs for Filipinos who would be unemployed due to the prohibition.
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