Igaming revenue in the Philippines hit PHP58.16bn (£822.2m/€965.0m/$1.04bn) in 2023, a new record for the country and almost double the previous year’s total.
The 2023 total was 92.3% ahead of the PHP30.24bn in igaming revenue generated in the Philippines in 2022. It also surpassed the previously yearly high of PHP32.24bn, set in 2019, by 80.4%.
Regulated igaming in the Philippines is provided by the Philippine Amusement and Gaming Corporation (Pagcor) and includes online games, bingo, specialty games and sports betting.
Pagcor chairman Alejandro Tengco announced the figures at last week’s ICE London 2024. He put the revenue rise down to policy reforms in the country.
Tengco also revealed the number of licensed igaming sites that are active in the Philippines reached a record high. More than 1,000 websites are now active in the country’s market, with more applications currently pending.
“Because of the policy changes implemented by the current management, there was a considerable increase in gaming sites,” Tengco said. “We also approved reductions in (licensing) rates that contributed to the spike in approved sites.
“The egames sector’s notable performance positively impacted not only the local gaming industry but also Pagcor’s revenue generation efforts.”
Looking to 2024, Tengco says additional policy tweaks will support further revenue growth. Changes including further lowering licensing rates will help push revenue to a projected PHP61.75bn for the year.
Philippines gaming revenue hits record PHP285.00bn
The revelation comes almost a month after Pagcor also reported record revenue for the whole Philippines market in 2023.
For the past year, total revenue in the country was PHP285.00bn, up 11.2% from the existing record set in 2019. Based on the igaming figures revealed last week, the online gambling sector accounted for 20.4% of all revenue.
Speaking last month, Tengco said revenue will likely grow again in 2024. Forecasts for the year ahead placed 2024 revenue at PHP336.00bn, up 17.9% year-on-year, largely down to the planned opening of a number of new integrated resorts.
The confirmed revenue rise in 2023 came after Tengco in November last year spoke of his confidence that the country’s gambling industry has almost returned to pre-pandemic levels.
As for the long-term future of gambling in the Philippines, Tengco earlier this month spoke of his confidence about the country’s potential. Speaking to VOX, Tengco says the Philippines has ambitions to become Southeast Asia’s gaming hub.
The Philippines remains the only regional jurisdiction to have regulated both land-based and igaming.