The Philippine gambling industry experienced a notable surge in total gross gaming revenue (GGR) for the second quarter of 2024. According to the Philippine Amusement and Gaming Corporation (PAGCOR), the sector reported impressive figures for the three months ending June 30, 2024.
Significant Year-Over-Year and Quarter-Over-Quarter Gains
The latest data reveals that the gambling sector in the Philippines achieved Php 89.23 billion ($1.56 billion) in GGR for Q2 2024. This marks a substantial 32.32% increase from the Php 67.43 billion ($1.18 billion) reported for the same period in 2023. Additionally, the Q2 figure reflects a 9.21% rise compared to the Php 81.70 billion ($1.43 billion) recorded in the first quarter of this year.
Despite this overall growth, individual segments showed varied performances. While licensed casinos saw a slight dip in revenue, E-Games demonstrated exceptional growth. Licensed casinos reported Php 49.48 billion ($869 million) in GGR for Q2. This result is lower than the Php 49.68 billion ($872.5 million) from Q1 and also represents a decrease from the Php 51.70 billion ($908 million) achieved in Q2 2023.
Alejandro H. Tengco, PAGCOR’s chairman and CEO, highlighted the significant impact of the E-Games sector on the overall revenue. The E-Games segment saw a staggering 525% year-over-year increase, with GGR reaching Php 4.93 billion ($86.6 million). Tengco noted, “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year.”
“The E-Games sector recorded an impressive 525% increase from the Php4.93 billion record year-on-year.“
In addition to E-Games and casino revenues, PAGCOR also reported on bingo operations and the Casino Filipino brand. Bingo revenues declined from Php 5.85 billion ($102.8 million) in Q2 2023 to Php 4.69 billion ($82.4 million) in Q2 2024. This decrease also reflects a drop from the Php 4.81 billion ($84.5 million) reported in Q1 2024.
Similarly, Casino Filipino, PAGCOR’s own casino brand, saw a decline in GGR, with Q2 2024 revenues totaling Php 4.20 billion ($73.8 million). This represents a 14.80% decrease compared to the same period last year.
Overall, while some sectors faced challenges, the gambling industry in the Philippines showed robust growth driven by the strong performance of E-Games, demonstrating resilience amid regulatory changes.
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