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Asia Casino News │ ACN东方博彩新闻

Asia Casino News outlet for Online Gaming and Gambling Industry in Asia.

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The Philippines’ Gaming Industry’s Prospects

May 31, 2023 Philippines Industry Updates

In the past ten years, the gambling sector in the Philippines has drawn both domestic and foreign companies to build expansive casino resorts, generating tens of thousands of jobs.

The Philippine Amusement and Gaming Corporation (Pagcor), which targets to reach P244.84 billion in industry gross gaming revenues (GGR) for 2023, is optimistic that performance growth would continue as the local gaming industry gains pace.

The 2023 Performance Scorecard that Pagcor submitted to the Governance Commission for GOCCs (GCG) shows that the 2023 GGR objective of P183.906 billion is to be exceeded by 33.13 percent, or P60.934 billion, in this year.

Additionally, the GGR target is P30.51 billion, or 14.23%, greater than the industry’s actual GGR for 2022, which is P214.33 billion.

Pagcor Chairman and CEO Alejandro Tengco claims that the industry’s strong success in 2022, which has been largely credited to the opening of the Philippine borders to domestic and international tourism, is what is driving the state-run gaming company’s enhanced GGR ambitions.

“Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” he said.

As a result, Pagcor set a goal for its gaming operations to generate P68.490 billion in revenue by the end of 2023. According to Tengco, “This sum is 36.6 percent more than our P50.13 billion target in 2022 and 24.41 percent more than our gaming income in 2022.

Also part of Pagcor’s commitment, as cited in its 2023 Performance Scorecard, are “100 percent payment of mandatory contributions to recipient agencies; attainment of P1.022 billion net income (less income tax); and 98 percent collection efficiency of license and regulatory fees from Pagcor’s regulated gaming entities.”

Pagcor also endeavors to “retain its ISO:9001:2015 certification; 100 percent attainment of 2023 deliverables; 100 percent completion of transactions within the prescribed period; revision of the agency’s Board-approved Competency Framework; and establishment of competency baseline for employees.”

Tengco stated that Pagcor will work to enhance its business operations and regulatory functions in order to meet these goals.

The objectives of responsible gaming and nation-building will be prioritized over all other interests in our plans and activities for 2023, he stated.

Online gaming continues to conquer the industry

The market for online gaming is predicted to reach 3.6 billion by 2025, having expanded significantly during the last ten years. Studies show that, as technology develops, the future of gaming is bright, with developments like artificial intelligence (AI), virtual reality, and the metaverse poised to completely transform the sector.

A study by Newzoo, a top provider of market data for the gaming industry, found that there are 43 million gamers in the Philippines, with a 14.3% rise expected between 2020 and 2023. Online gaming’s popularity in the nation can be ascribed to a number of variables, including the expansion of high-speed internet access, the emergence of smartphones, and the popularity of eSports.

According to a different study by 6Wresearch, the size of the Philippine online gaming business is expected to increase between 2021 and 2027. The Covid-19 epidemic has contributed to the expansion of the online gambling industry in the Philippines. The popularity of internet gaming has increased as the nation has gone into lockdown.

The Philippines’ online gaming market is anticipated to play a significant role in the country’s growth and development, as it will serve the American population’s strong desire for gaming by providing access to online gaming opportunities, and it will likely experience significant growth in the years to come.

Modern, ultra-realistic video games that offer immersive gameplay have gone a long way. Therefore, it is accurate to say that the gaming business is now in extremely good shape. One of the biggest and most prosperous entertainment industries in the world, it has been expanding steadily for a number of years.

The sustained success of traditional console and PC gaming, as well as the rising popularity of mobile gaming, esports, and cloud gaming, have all contributed to the industry’s growth.

With mobile games making up over 45% of all games revenue worldwide, the development of mobile games in particular has grown to be a significant industry driver. The popularity of quick-to-learn, casual, and hyper-casual games has widened the appeal of gaming and drawn in new players.

Esports has also been gaining popularity, with major competitions and events drawing sizable crowds and bringing in a sizable sum of money.

Technology breakthroughs like virtual and augmented reality, which have the potential to transform the gaming experience and open up new options for developers, have also had an impact on the gaming business.

The most fascinating developments influencing the mobile game development sector in 2023 are listed below.

Cloud gaming
Cloud gaming, also referred to as game streaming, is a technology that enables users to stream video games over the internet without having to download or locally install them on their devices.

AR VR gaming
AR VR gaming transports players to entirely new worlds and enhances the gaming experience in ways that were previously impossible.

Mobile gaming
Since several years ago, the popularity of mobile gaming has increased and shows no indications of abating. Mobile gaming has developed into a viable medium for game creators to release their titles as smartphones become more powerful and capable of running more complex games.

Cross-platform gaming
Cross-platform gaming allows players to play games across multiple platforms, such as consoles, PC and mobile.

Esports
Esports competitions are already attracting sizable audiences and making a sizable profit; this trend is anticipated to continue in the upcoming years as more competitors and sponsors enter the market.

The Metaverse
The term “Metaverse” in gaming describes a completely immersive, interconnected virtual world that enables players to interact with one another and their surroundings in a way that feels authentic. It can take many different shapes, such as a permanent world where users can design their own avatars and roam a sizable, open environment populated by other users and interacting items. It could also be a collection of interconnected games that permit easy transitions between them, resulting in a seamless gaming environment that resembles a single, continuous world.

Greater immersion and deeper social engagement are features of the metaverse. The growth of the Metaverse in gaming, however, also comes with some difficulties. Making a smooth, coherent reality that enables players to switch between games without feeling as though they are in different planets is one of the major problems. To ensure that the Metaverse can work as a single, coherent environment, new technologies and standards must be created.

Blockchain and P2E gaming
With the rise of play-to-earn (P2E) gaming, blockchain technology has been gaining popularity in the gaming sector. P2E gaming introduces a new business model for the gaming sector by enabling users to earn cryptocurrencies or other digital assets by participating in games.

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