DigiPlus shares sink amid criticism of Philippines’ iGaming
A proposed Senate bill and a strong rebuke from a senior church leader have placed the Philippines’ fast-growing iGaming industry under intense public and investor scrutiny, triggering a sharp decline in shares of the country’s largest listed online gaming firm.
Reportedly, Senator Sherwin Gatchalian filed a bill on 1 July 2025 proposing tighter regulations on online gambling, particularly targeting the use of digital wallets such as GCash and Maya. The move, aimed at protecting vulnerable communities from gambling addiction, sent shockwaves through the market.
As a result, shares of DigiPlus Interactive Corp., which operates popular gaming platforms like BingoPlus and ArenaPlus, slumped 10 percent, following a 3.85 percent drop the previous day. The stock is currently trading at ₱41 (approx. €0.65), with ₱952 million (approx. €15.06 million) worth of shares traded. Despite the decline, the company’s market value remains solid at ₱222.68 billion (approx. €3.52 billion).
CBCP warns: gambling now common
Investors expressed concern that the bill could mark the start of more sweeping regulatory action after the POGO crackdown saga. The proposed legislation aims to impose a ₱10,000 (approximately €158) minimum top-up threshold, ban the use of e-wallets for gambling, tighten know-your-customer rules, regulate advertisements, and raise the minimum age for players from 18 to 21.
Adding to the pressure was a pointed social media post by Cardinal Pablo Virgilio David, president of the Catholic Bishops’ Conference of the Philippines (CBCP). He criticised the government for legalising online gambling while banning offshore and cockfighting platforms. “The casino is now in every bedroom, every child’s pocket,” he wrote, accusing the state of allowing youth to gamble away their parents’ earnings sent through mobile wallets.
David also condemned the use of celebrities as “legal pushers” for gambling platforms, claiming they were encouraging addiction among the youth and low-income families. He warned of a generation at risk, drawing comparisons to the country’s past anti-drug campaign.
Revenues still on the rise
Meanwhile, industry regulator PAGCOR reported a ₱104.12 billion (approx. €1.65 billion) gross gaming revenue in the first quarter of 2025—a 27.44 percent year-on-year increase. For the first time, e-games led the industry’s growth, contributing approximately ₱51.39 billion (€813 million).
Despite strong figures, COL Financial downgraded DigiPlus to “hold” due to rising regulatory risks, which could slow growth, especially for lower-income users with small top-ups. With concerns from church and state, the Philippines’ booming iGaming sector faces uncertainty.
