PAGCOR said that from 298 online gambling hubs operating in the Philippines, this number has been reduced to 13 as of November 30, 2024.
The Philippine Amusement and Gaming Corporation (PAGCOR) projects that the Philippine gambling industry will close 2024 with gross gaming revenue (GGR) exceeding P350 billion (US$6.03 billion).
PAGCOR Chairperson Alejandro Tengco recently shared these updates during a forum hosted by the Stratbase ADR Institute and in discussions with multiple media outlets.
Record Gaming Revenue for 2024
PAGCOR projects that the Philippine gambling industry will close 2024 with an all-time high gross gaming revenue (GGR) exceeding P350 billion (approximately $6.03 billion).
This marks a 23% increase from the P285 billion recorded in 2023 and surpasses PAGCOR’s 2024 target of P334 billion. Tengco attributed the surge to the rapid growth of the electronic gaming sector, which includes eCasino, eBingo, sports betting, and specialty games.
“Our GGR for the year, I think it’s over 350 billion pesos,” Tengco stated. The record revenue underscores the resilience and expansion of the gambling sector, even as PAGCOR undertakes extensive reforms.
Manila’s vibrant gambling scene, which features integrated casino resorts, continues to attract high-rolling tourists from countries like China, Japan, and South Korea. Revenue generated by PAGCOR, which operates under the Office of the President, contributes significantly to the national budget.
Decisive Action Against POGOs
One of PAGCOR’s most high-profile initiatives has been the systematic dismantling of Philippine offshore gaming operators (POGOs), a sector marred by controversies. When Tengco assumed leadership in 2022, the country had 298 online gambling hubs. By November 30, 2024, this number had plummeted to just 13. PAGCOR has committed to shutting down the remaining operations by December 15, 2024.
“By December 15, we expect to have zero POGOs remaining,” Tengco declared. He emphasized that any POGOs still operating after January 1, 2025—including those in provincial areas—will be deemed illegal due to the cancellation of their licenses.
This crackdown is in line with President Ferdinand Marcos Jr.’s directive issued in July to eliminate POGOs, following widespread reports of crimes linked to the sector. These include human trafficking, torture, kidnapping, and fraudulent schemes such as cryptocurrency investment scams and credit card fraud.
The online gambling industry emerged in 2016, rapidly expanding by targeting customers from China where gambling is illegal. However, the sector’s unchecked growth brought unintended consequences, with criminal activities tarnishing the country’s reputation.
PAGCOR, however, does not have enforcement powers to ensure compliance. Tengco noted that law enforcement agencies will be tasked with executing the POGO ban and addressing illegal operations moving forward.
Read related article: PH Gaming GGR Grows 37.52% to P94.61 Billion in 2024 Q3
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