PAGCOR: Philippines nearly doubles iGaming revenues in 2023

Jenny Ortiz February 14, 2024

SiGMA news

PAGCOR: Philippines nearly doubles iGaming revenues in 2023

The Philippine Amusement and Gaming Corporation (PAGCOR) revealed that the revenue of the country’s iGaming sector nearly doubled in 2023.

In a press release, PAGCOR Chairman Alejandro Tengco attributed this growth to policy reforms undertaken by the agency.

“There was a phenomenal rise of over 90% in online gaming activities in 2023 compared to the previous year,” Tengco said during a panel interview at the ICE London 2024 Conference earlier this month.

The agency said the iGaming sector – which includes e-games, e-bingo, specialty games, and sports betting – contributed Php58.16 billion (967.69 million Euros) to the country’s gross gaming revenues (GGR) in 2023.

The latest figure is 92.32% higher than its earnings of Php30.24 billion (502.30 million Euros) in 2022.

PAGCOR reaching milestones with licensed iGaming sites

Tengco earlier said PAGCOR reached another milestone in the past year with more than 1,000 licensed iGaming sites – with more applications in the pipeline.

“Because of the policy changes implemented by the current management, there was a considerable increase in gaming sites. We also approved reductions in [licensing] rates that contributed to the spike in approved sites,” Tengco said.

The PAGCOR Chairman added that the sector’s notable performance positively impacted not only the local gaming industry but also the agency’s revenue generation efforts.

More policy tweaks ahead

The Philippines’ gaming authority said more policy tweaks can be expected to happen soon.

This includes further lowering licensing rates and the growing integration of technology.

The agency said this should allow the iGaming sector to continue fueling the growth of the local gaming industry with its projected Php61.75 billion (1.03 billion Euros) in revenues in 2024.

SiGMA Eurasia and SiGMA Africa – less than a month away

With less than a month until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.

The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City. Held between the 25 and 27 February 2024, the summit provides invaluable opportunities for attendees to network with industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets.