Philippines attractive to gaming investors and operators

Lea Hogg 1 year ago
Philippines attractive to gaming investors and operators

SiGMA Group heads to the Philippines this year and it is attracting the majority of attendees from outside the country. SiGMA will bring a vast global network to the very doorstep of Asia’s suppliers, operators and affiliates. The B2B and B2C brands will include online and land-based operators. SiGMA is endorsed by PAGCOR, the gambling regulator in the Philippines.

Rapid growth of the sector

The gambling industry in the Philippines is forecast to develop in a massive way through gaming via mobile devices with several mobile-enabled casino games being introduced. This rapid growth shows that the Philippines has become one of Asia’s most lucrative iGaming markets due, for the most part, to the increase in popularity of online casinos.

Crypto as a payment has also attracted new gamers as it is considered to be secure and gamers appreciate the anonymity aspect. Also fueling the recovery and growth of the Philippines casino market is the diversity of product offerings, well-balanced market segments, expanding and enhanced capacity together with an advantageous gaming tax regime. A solid workforce available at competitive costs and the accumulation of high-quality integrated resorts in the country means that the exponential growth of the sector will be well supported.

Attractive to investors and new operations

The Philippines is an important gambling market and one of the strongest in Southeast Asia. Meanwhile, labour costs in the Philippines remain among the most competitive in the ASEAN countries. This makes the Philippines very attractive to foreign investments and new operations.

Poker is the most popular game available in over 35 land-based casinos.

Online gaming offers a vast choice for gamblers. Popular gaming websites include Jiliko, Plae8, 22win, EU9 and 20Bet. Magic Red, Mr Mega, and HeySpin are the top three online platforms.

The Philippines’ iGaming sector continues to enjoy exponential growth, with off-shore firms attracted to an environment of relaxed but regulated gaming laws and a backdoor route to tap into China’s restricted masses where all gambling verticals on Chinese soil are banned.

The Philippines government continues to endeavour to encourage its citizens to bet locally. The gaming tax regime is competitive and provides a market advantage, operators being able to allocate more financial resources towards customer acquisition and capital improvements. This will result no doubt in more significant future revenues.

Sports in the Philippines have been rising in popularity over the last decade, with almost 50 million active gamers wagering on live competitions, with growth supported by the accessibility of smartphones and mobile internet. The country ranks 25th globally in in-game revenue. A third of gamers are between 25 and 34, and 18 to 24-year-olds form the second biggest group playing video games. 90 percent of video games are played on smartphones, and 10 percent on handheld gaming devices. Others use streaming on social media to earn as the country’s esports sector gains traction.

PAGCOR

According to data from PAGCOR, gaming in the Philippines is recovering fast post pandemic. In 2022, online sports betting, lotteries, casinos, and poker offered at licensed Philippines online gambling casinos reported an average gross gaming revenue GGR of almost US $2 billion with the expectation that a CAGR rate of 10.82 percent will be achieved. Revenues are expecting to top US $3 billion. Other electronic games, such as e-sabong and bingo, witnessed a GGR of US $320 million with bingo accounting for US $190 million of the total.

Related topics:

The SiGMA event in the Philippines takes place in the largest expo centre in the country

PAGCOR reports record revenues for Philippines (sigma.world)

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