E-games fuel PAGCOR's record-breaking PHP 112 billion revenue in 2024. Learn how the booming digital gaming sector drove a 41% increase in overall revenue and doubled net income.
The Philippine Amusement and Gaming Corporation (PAGCOR) has announced a record-breaking PHP 112 billion (US$1.92 billion) in revenue for 2024, a move described as the “best” in the regulator’s nearly 50-year history.
"Our 2024 performance is the best in PAGCOR's history," declared Chairman and CEO Alejandro H. Tengco. He credited the agency's employees and stakeholders for the achievement.
According to PAGCOR data, it logged a substantial 41% surge from the PHP 79 billion earned the previous year. This impressive growth is largely attributed to the continued dominance of the Electronic Games (E-Games) sector.
E-Games and E-Bingo, contributed PHP 48.79 billion, or just over half of PAGCOR's total 2024 gaming revenue. "The continuous growth of E-Games is the key driver," he explained, citing the increasing popularity of digital gaming platforms.
PAGCOR’s numbers come amid the popularity of inshore gaming operator, who have taken a more mainstream approach since offshore gaming whittled out of legal business after it got outlawed during the tail-end of 2024.
The state-run gaming regulator's net operating income also saw a significant jump, reaching PHP 84.97 billion, a 51% increase from 2023. After allocating PHP 68.21 billion to various nation-building initiatives, PAGCOR's net income more than doubled to PHP 16.77 billion, compared to PHP 6.81 billion in 2023.
PAGCOR's 2024 revenue of PHP 112 billion is a new record, exceeding the previous high of PHP 81.98 billion from 2019 (pre-pandemic). While PAGCOR's revenue topped PHP 100 billion once before (in 2018), that included a one-time property sale, unlike this year's purely gaming-driven growth.
Most of PAGCOR's income PHP 97.52 billion (US$1.67 billion) came from regular gaming activities and licenses. Other sources, like business income and service fees, added PHP 14.18 billion. Licensed casinos contributed PHP 33.07 billion, and PAGCOR's own casinos brought in PHP 12.67 billion. Even though POGOs closed down at the end of 2024, they still contributed a small amount (PHP 2.99 billion) to the year's total.
Because of this higher revenue, PAGCOR increased its contributions to national programs by 37.61%, giving PHP 68.20 billion compared to PHP 49.56 billion in 2023. They also sent more money to the National Treasury (PHP 46.32 billion, up 33.39%), and paid PHP 4.87 billion in franchise taxes and PHP 1.09 billion in corporate income tax.
Read related article: PAGCOR Slashes E-Games Fees By 30 Percent
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