The Philippine gambling industry is on track to reach a new record in gross gaming revenue (GGR), according to the Chairman of the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro Tengco. The projected GGR for 2024 is PHP350bn (US$6.04bn), surpassing PAGCOR’s previous target of PHP334bn and significantly exceeding 2023’s record of PHP285.27bn.

Electronic Gaming Drives Growth

A significant factor in this upward trajectory is the electronic gaming sector. PAGCOR’s Q3 2024 report revealed that electronic games were the only sector to experience growth compared to the same period in 2023, with GGR soaring by 464.38% to PHP35.71bn. This performance underscores the rising popularity of technologies like low-cost live studios and mobile gaming solutions that are transforming the gambling experience. Chairman Tengco highlighted the importance of this trend, stating, “The use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming.” He further noted that by year-end, electronic gaming is expected to generate as much as PHP78bn in license fees, substantially contributing to PAGCOR’s PHP100bn revenue target for 2024.

Live Studios and Online Casino Expansion

The surge in electronic gaming also highlights the growing demand for live dealer experiences and casino studios online. Low-cost live studios are becoming a critical part of the market, providing operators with affordable options to host games like roulette while attracting a diverse audience. Major players such as Evolution Games and other game developers are expected to capitalize on this trend, further driving innovation and revenue in the industry.

Offshore Gambling Licenses Revoked

In addition to its GGR forecast, PAGCOR announced its commitment to revoking all licenses of offshore gambling operators by the end of the year. This move follows a ban on Philippines Offshore Gaming Operators (POGOs) introduced by President Ferdinand Marcos Jr. in July. This decisive action reflects PAGCOR’s focus on promoting a sustainable and regulated gaming environment within the country, a shift that has sparked interest among investors looking for casinos for sale and other opportunities within the local market.

Continued Growth Post-COVID

The Philippines’ gambling industry has shown remarkable recovery since the pandemic, with consistent growth in key areas. The expansion of electronic gaming and live dealer experiences reflects evolving consumer preferences, while PAGCOR’s proactive measures ensure the industry’s sustainability. As the nation positions itself as a hub for cutting-edge gaming solutions, the future looks bright for the Philippine gambling market.