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Manila Bulletin devider Business devider POGO revenues to double this year -- Pagcor

POGO revenues to double this year -- Pagcor

Published Jul 16, 2023 02:48 pm
The Philippine Amusement and Gaming Corp. (Pagcor) is confident that revenues from offshore gaming operations would double this year despite stringent regulatory measures that resulted in the cancellation of licenses for some operators. Alejandro H. Tengco, Pagcor chairman and chief executive officer, said gross gaming revenue from online gaming operations is poised to hit P24 billion by the end of this year, more than doubling last year's P11 billion revenue haul. Tengco said Pagcor's commitment to combatting illegal gambling operators in the country, through close collaboration with enforcement agencies, would pave the way for achieving this year’s goal. He added that the implementation of more rigorous monitoring measures and the introduction of new fees will likewise serve as additional tools in Pagcor's arsenal. Since June, severe fines and penalties have been imposed by Pagcor on Philippine Offshore Gaming Operations (POGO) licensees and service providers involved in criminal activities. “We shall undertake this painstaking process to weed out the unscrupulous companies and individuals using the Pagcor license for illegal activities, tainting the name of the whole industry and most especially the Philippines,” Tengco said. As of June 26, 2023, Pagcor holds 33 offshore gaming licenses and 111 accredited service providers. In contrast, the government’s gaming regular has canceled 44 POGO licenses and 225 service providers as of June 13, 2023. To recall, Pagcor also terminated in March this year its consultancy contract with a company involved in auditing the revenues and cash flows of POGOs due to failure to fulfill its obligations and alleged “unlawful acts.” Meanwhile, Tengco said Pagcor accredited gaming system service providers for various gaming categories, including traditional Bingo, electronic Bingo, electronic (eCasino) Games, sports betting, and e-billiards. Furthermore, Pagcor has granted licensed brick-and-mortar casinos the permission to utilize remote gaming platforms for their live casino games, exclusively catering to registered casino players. As of May 31, 2023, Pagcor has licensed a total of 20 gaming system service providers. Additionally, the agency has authorized seven other online or remote gaming platforms. In the first three months of the year, the gross gaming revenues (GGR) in the Philippines reached P68.92 billion, higher by 79 percent compared to the P39.15 billion recorded in the same period last year. Moreover, the end-March number surpassed the country’s pre-pandemic GGR of P61.82 billion recorded in the first quarter of 2019.
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