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Manila Bulletin devider Business devider The Stock Market devider DigiPlus faces margin squeeze as land-based casino giants surge into online gaming

DigiPlus faces margin squeeze as land-based casino giants surge into online gaming

Published Jul 28, 2026 03:55 pm
DigiPlus Interactive Corp. is facing an escalating threat to its dominant position in the local digital gaming market as traditional land-based casinos launch competing online platforms to capture market share.
“Competition… has been becoming more fierce with new players beginning [their] operations in the online gaming space through their own online gaming platform, like [Bloomberry], or through a third-party provider, like [PhilWeb],” said Abacus Securities Corp. in its earnings preview for DigiPlus.
It noted that, “This is likely going to slowly eat into the market share for PLUS and will push the company to continue its A&P (advertising and promotion) spend to build and maintain its customer base.”
PhilWeb’s expanding technology ecosystem of premium regulated partners now includes Travellers International Hotel Group Inc. through NWR Play, Okada Manila, Hann Casino Resort, NUSTAR Resort and Casino, FBM Philippines, and PT Gaming.
“The arrival of more casino operators raises competitive pressure, but DigiPlus remains the incumbent leader. The near-term impact is likely more on margins than on revenue dominance, while the long-term winner will be the company that best balances customer acquisition, retention, and regulatory compliance,” Reyes Tacandong & Co. Senior Adviser Jonathan Ravelas said.
COL Financial Senior Research Analyst Richard Laneda also said in a briefing that, “I'm sure the new entrants would have an impact competition-wise. [But] I think DigiPlus will still have an edge because of the wider user base, [a] better platform, better user engagement, [and a] better experience on the online gaming platform versus new entrants.”
He noted that Bloomberry Resorts Corp.’s MegaFUNalo online gaming platform still does not compare well to DigiPlus, pointing out that it had to be relaunched to make it more appealing to the market.
While PLUS remains highly profitable as a company, Abacus said concerns now center on its growth prospects, as its domestic outlook has been constrained following the delinking of e-wallets in the third quarter of last year—a shift evident in its gross gaming revenue (GGR) figures since then.
“Second-quarter GGR is likely to trend close to its trajectory in the fourth quarter of 2025 and first quarter of 2026, given that consumer spending has also taken a hit from the impact of the Iran war, as earlier indicated by Pagcor [Philippine Amusement and Gaming Corp.]. This will result in about a 20-to-25 percent decline in revenues year-on-year given the higher base,” the brokerage said.
Costs are expected to escalate significantly for DigiPlus, as the company guided that its A&P spend will remain elevated this year—trending in the high 20s—to further build its brand. This is partially offset by expectedly lower PAGCOR franchise fees stemming from fee harmonization.
Meanwhile, Abacus said, “Other ventures have been questionable, to say the least, with its foray into Brazil and South Africa having been put on hold, and its potential entry into the physical casino space may only impact its profitability further.”
It added: “We expect the storm to continue for PLUS amid surrounding rumors that some of its shares [were] used for flood control kickbacks, scaring off investors. Headline figures, once the company announces results, are likely going to pose as a negative for the share price as well.”

Related Tags

Digiplus Interactive Corporation PhilWeb Corporation Abacus Securities Corporation Richard Laneda COL Financial
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