Pagcor Reports 50% Drop in Legal Gaming After BSP Bans E-Wallets

Online gambling transactions in the Philippines have dropped sharply after the Bangko Sentral ng Pilipinas (BSP) ordered e-wallets to cut ties with gambling platforms.

Good to know

• Transactions at licensed online operators fell by as much as 50 percent in just three days.
• Pagcor identified about 12,000 illegal sites targeting Filipinos, compared with only 77 licensed operators.
• Enforcement agencies have already shut down 8,000 unlicensed sites, according to Pagcor.

Central Bank Order Hits Licensed Operators

Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corp (Pagcor), told lawmakers on Wednesday that the impact was immediate. Speaking during a House budget committee hearing, he said: “Pagcor is observing, from Sunday to yesterday, online gaming transactions fell by perhaps 50 percent at legally authorised providers.”

Tengco confirmed that all licensed platforms under Pagcor’s oversight had complied with BSP Memorandum No. 2025-29. The directive, issued last week, required e-wallet companies to remove links and features that allowed access to gambling sites.

Rise of Unlicensed Platforms

While legal platforms took the hit, Pagcor observed a surge in unlicensed online gambling sites. Tengco noted that “currently, 60 percent of what we see in the online gaming industry are illegal operators,” most of which are based outside the Philippines in places such as Russia, Dubai, Abu Dhabi, and Cambodia.

Pagcor estimates there are nearly 12,000 unlicensed platforms in operation, compared with just 77 licensed providers. Authorities have managed to block about 8,000 of those sites, but many remain active.

Tengco warned of the dangers posed by offshore sites:

“They give so much room to consumers so that they would get more addicted. For example, if you deposit PHP100,000 on their platform, they give four times, five times bonuses.”

Massive Revenues Lost to Offshore Sites

During the same hearing, Representative Brian Poe highlighted eight unlicensed operators that reportedly generate between $50 million and $70 million every month from Filipino users. Unlike licensed companies, these offshore providers avoid paying the 30 percent revenue fee and operate without regulatory oversight.

Tengco confirmed the eight firms identified by Poe are part of the broader group of 12,000 illegal sites Pagcor has reported to enforcement agencies.

Although authorities have shut down thousands of sites, Tengco admitted the battle is far from over: “It’s really hard to go after them [unlicensed sites],” he said, stressing the need for coordinated efforts among the Department of Information and Communications Technology, the Cybercrime Investigation and Coordinating Center, and the National Bureau of Investigation.

The post Pagcor Reports 50% Drop in Legal Gaming After BSP Bans E-Wallets appeared first on iGaming.org.