Key points:
- New record GGR projected to be made in the Philippines gambling market
- Electronic gaming set to play big part in the increase
- PAGCOR on course to revoke offshore gambling firm licenses
The Philipine Amusement and Gaming Corporation (PAGCOR) believes the gambling industry in the country is set to see a record total in gross gaming revenue (GGR).
This was stated by the Chairman of the gaming regulator in the Philippines, Alejandro Tengco, who underlined his belief that GGR will reachover PHP350bn (US$6.04bn), surpassing the target of PHP334bn set by PAGCOR for 2024.
Should this projection come to light, it would be a significant increase for GGR in the region and a new record amount, showing a continued upswing post-COVID, and surpassing the record total seen in 2023 of PHP285.27bn.
Much of this positive increase in GGR has been put down to the electronic gaming sector, which based on the Philippine gaming industry’s Q3 2024 report would make a lot of sense.
During the third quarter, electronic games were the only one of four major sectors to see growth when compared with the same period in 2023, seeing its GGR rise by a staggering 464.38% to PHP35.71bn.
Good to know: Last month, PAGCOR sent over 21,000 relief packs to those affected by Typhoon Ofel
Within that report, Tengco made reference to the importance of electronic gaming to gaming overall, saying: “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.
“In fact, by year-end, we expect this sector to generate as much as PHP78bn in license fees alone, substantially contributing to the realisation of our PHP100bn revenue target for 2024.”
On top of the announcement regarding the projected GGR total, PAGCOR’s Chairman said the regulator is on track to revoke all licences of offshore gambling firms by year end, after President Ferdinand Marcos Jr, introduced a ban on all Philippines Offshore Gaming Operators (POGOs) back in July.
