E-games boost PAGCOR gaming revenues up 32% in Q2 2024

August 12, 2024 Philippines iGaming & Gambling Industry Updates

The Philippine Amusement and Gaming Corporation (PAGCOR) reported a significant increase in the country’s Gross Gaming Revenues (GGR) for the second quarter of 2024, largely driven by the electronic games (e-games) sector.

PAGCOR said its GGR reached Php89.23 billion, a 32.3% rise from the Php67.43 billion recorded in the same period last year. This figure also marks a 9.2% increase from the first quarter’s Php81.70 billion, highlighting the sustained growth of the Philippine gaming industry.

PAGCOR Chairman and CEO Alejandro H. Tengco attributed this remarkable performance to the Electronic Games (E-Games) sector, which saw a staggering 525% year-on-year growth, bringing in Php30.85 billion in revenue.

Tengco emphasized that the E-Games sector has become the industry’s standout performer, continuing to surpass targets and providing a significant buffer against potential shortfalls due to the impending ban on offshore gaming operations (POGOs), as ordered by the President.

“The E-Games sector recorded an impressive 525% increase from the Php4.93 billion record year-on-year,” he said in a statement released by PAGCOR on August 11. “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year.”

Despite the overall growth, PAGCOR’s report showed a slight decline in the revenues generated by licensed casinos, which brought in Php49.48 billion during the second quarter. This represents a 4.3% decrease from the Php51.70 billion recorded in the same quarter last year and a marginal drop from the Php49.68 billion reported in the first quarter of 2024.

PAGCOR-operated casinos under the Casino Filipino brand also experienced a decline, contributing Php4.20 billion to the GGR, which is 14.8% lower than the Php4.93 billion recorded in the same period last year and 10.4% less than the first quarter’s Php4.69 billion.

Bingo operations saw a similar downward trend, generating Php4.69 billion in the second quarter, down from Php5.85 billion in 2023 and slightly lower than the Php4.81 billion reported in the first quarter of 2024.

Despite these declines in specific sectors, PAGCOR remains optimistic about the future, particularly with the strong performance of the E-Games sector. Tengco highlighted that recent policy reforms implemented by PAGCOR have played a crucial role in driving the growth of this sector, and he expects it to continue being a major contributor to the gaming industry’s success.