PAGCOR anticipates flourishing E-Gaming sector in coming years

The Philippine Amusement and Gaming Corporation (PAGCOR), supported by ongoing legislative developments including lowered license costs, predicts a robust e-gaming business in the next years. Gross gaming revenues (GGR) for this market, which include sports betting, e-games, e-bingo, and specialty games, increased by an astounding 90% in 2023.

The E-Gaming sector’s GGR was predicted by PAGCOR to reach Php61.75 billion (US$1.1 billion) in 2024, up 6.2% from Php58.16 billion (US$1.04 billion) the year before in a statement released on Monday.

Alejandro Tengco, Chairman and CEO of PAGCOR, credited many regulatory advancements for E-Gaming’s 92.32% growth in 2023 at a panel discussion last week at ICE London. According to Tengco, there are already more than 1,000 authorized online gaming sites in the Philippines, and more apps are being developed.

Tengco said, “Because of the policy changes implemented by the current management, there has been a significant increase in gaming sites.”

In addition, we approved reduced licensing fees, which helped to expand the list of approved venues. Both PAGCOR’s revenue-generating activities and the local gaming industry profited from the E-Games sector’s outstanding performance.”

Additionally, PAGCOR pointed out that licensing costs for E-Gaming operators are probably going to decrease even more in 2024, indicating continued support for the expansion and advancement of the industry.

Original story by: IAG