The Philippines' online casino industry is booming, with revenues of electronic games (E-Games) operators more than tripling in the first half of the year due to increased interest from Filipino players.
The Philippine Amusement and Gaming Corp. (Pagcor) reported that the E-Games sector recorded a gross gaming revenue (GGR) of P63.01 billion from January to June.
In a statement on Sunday, July 14, Alejandro H. Tengco, Pagcor's chairman and chief executive officer, said this amount was more than triple the P20.4 billion recorded in the same period last year.
Tengco said the "unprecedented" 208 percent growth in E-Games GGR was “domestic-driven.”
“Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for Pagcor,” Tengco said.
He added that the E-Games sector has now become Pagcor’s primary gaming revenue source, surpassing traditional brick-and-mortar casino operators.
According to Pagcor data, almost half of its gaming revenues, or 45.53 percent, were derived from the online gaming sector, which includes E-Games, E-Bingo, and bingo grantees, amounting to a total of P20.66 billion.
Integrated resorts and licensed casinos contributed P16.06 billion, making up 35.4 percent of Pagcor's gaming revenues, while government-operated casinos operating under the Casino Filipino brand generated P6.93 billion, accounting for a 15.3 percent share of gaming revenue.
Tengco noted that Pagcor's first-half revenues of P51.76 billion have positioned the company on track to potentially achieve or even exceed the P100 billion annual gross revenue threshold for this year.
From January to June, Pagcor's net income reached P6.56 billion, marking a substantial 121 percent increase from P2.96 billion in the same period last year.
Likewise, the total GGR of the Philippine gaming industry posted a solid 19.21 percent growth, reaching P194.743 billion compared to P163.36 billion in the first semester of 2023.