PH Gaming GGR Grows 37.52% to P94.61 Billion in 2024 Q3

November 15, 2024 Philippines Industry Updates

PAGCOR says the electronic gaming sector drove 2024 Q3 growth, with revenues surging over five-fold to P35.71 billion, up from P6.32 billion last year.

The Philippine gaming industry registered double-digit growth in revenues in the third quarter of 2024, with total gross gaming revenues (GGR) reaching an impressive P94.61 billion. This marks a 37.52% increase compared to the same period in 2023. The increase was largely attributed to a massive surge in the electronic gaming sector, which more than offset declines seen in other traditional gaming areas.

The Philippine Amusement and Gaming Corporation (PAGCOR) highlighted that the substantial growth in the gaming sector was primarily driven by the booming electronic gaming segment. Revenues from electronic gaming soared to P35.71 billion, up an astounding 464.38% from P6.32 billion in the same quarter the previous year. This surge reflects the growing shift towards digital and mobile-based gaming experiences, which have increasingly captivated players in the Philippines.

PAGCOR Chairman and CEO Alejandro Tengco called the performance of the electronic gaming sector “phenomenal,” emphasizing that this surge in revenue underscores the expanding role of modern technology in shaping the future of gaming and entertainment.

“The electronic gaming sector recorded a phenomenal increase of 464.38% from last year,” said Tengco in a PAGCOR statement released on November 14, 2024. “This impressive performance is a strong indication that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming.”

Tengco’s optimism about the sector’s future is well-founded. As technology becomes more integrated into daily life, it is expected that electronic gaming will continue to grow. The widespread use of smartphones, tablets, and other mobile devices has made online and mobile gaming increasingly popular, and PAGCOR expects this trend to accelerate in the coming years.

By the end of 2024, PAGCOR anticipates the electronic gaming sector will contribute as much as P78 billion in license fees alone. This is expected to be a major boost in achieving the agency’s ambitious revenue target of P100 billion for the year.

While electronic gaming saw explosive growth, the country’s traditional gaming sectors did not perform as strongly. Licensed casinos, which still account for the largest share of the country’s gaming revenues, saw a slight decline.

In the third quarter of 2024, casinos licensed in the Philippines, including Manila’s Entertainment City and regional centers like Clark and Cebu, generated a total of Php50.72 billion in gross gaming revenues. This marks a 2.27% decline compared to the same period last year, but represents a 4.9% increase over the previous quarter ending in June.

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Casino Filipino, the state-run casino operator under PAGCOR, recorded a more significant drop, with revenues falling by 26.32% to P3.64 billion, down from P4.94 billion in 2023. The decline in casino revenues is a sign of the shifting dynamics in the Philippine gaming landscape, where digital and electronic gaming increasingly attract a larger share of the market.

PAGCOR also reported a downturn in its bingo operations. Revenue from bingo games reached P4.52 billion in the third quarter, a decrease of 19.43% from the P5.61 billion generated during the same period in 2023. This reduction in bingo revenue mirrors the broader trend of players gravitating towards digital platforms, where they can enjoy gaming experiences that offer greater convenience and variety.

Despite the decline in certain sectors, the overall performance of the Philippine gaming industry has been encouraging, with total GGR for the quarter exceeding expectations. The rise in electronic gaming has proven to be a key driver of growth, and PAGCOR remains confident that this trend will continue in the future.

PAGCOR’s Chairman emphasized that the success of the electronic gaming sector is not a short-term phenomenon but part of a larger, ongoing transformation within the gaming industry. He predicts that as technology continues to evolve, electronic gaming will become an increasingly integral part of the entertainment landscape.

“By year-end, we expect this sector to generate as much as P78 billion in license fees alone, substantially contributing to the realization of our P100 billion revenue target for 2024,” Tengco said.
The Philippine gaming industry’s third-quarter performance aligns with global trends, where digital gaming has increasingly taken center stage. As more players embrace mobile gaming, particularly in markets like the Philippines, operators are focusing on improving technology and offering more user-friendly, immersive gaming experiences.

Looking ahead, PAGCOR’s optimistic projections suggest that electronic gaming could play an even larger role in the industry’s future. The anticipated P78 billion in license fees from the sector by year-end represents a substantial contribution to PAGCOR’s revenue goals.