The Philippine Electronic Gaming sector experienced unprecedented growth in 2023, with revenues nearly doubling, as again got emphasized by Alejandro Tengco, the Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), at the ICE London 2024 Conference. Tengco revealed a staggering 90% increase in online gaming activities compared to the previous year, emphasizing the sector’s robust performance.
In 2023, 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), marking a 92.32% increase from Php30.24 billion in the prior year. This surge set a new record for the sector, surpassing the previous high of Php32.24 billion in 2019, before the pandemic.
A key factor in this growth has been policy reforms under the current management, leading to a significant rise in licensed E-Gaming sites, surpassing 1,000 in 2023, with more applications underway. Tengco highlighted the role of reduced licensing rates in this expansion, which not only boosted the number of approved sites but also PAGCOR’s revenue.
Looking ahead, Tengco anticipates further growth in the E-Games sector, driven by additional policy adjustments, including further reductions in licensing rates and the continued integration of technology in gaming. These factors are expected to propel the sector to projected revenues of Php61.75 billion in 2024, continuing its contribution to the growth of the local gaming industry.
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