The iGaming industry in the Philippines has experienced a significant surge, reaching a historic milestone with a record-breaking revenue of $7.16 billion in 2024. This remarkable achievement marked a remarkable 25% increase from the previous year, solidifying the country’s position as a premier gambling destination in Asia.
Despite the government’s crackdown on Philippine Offshore Gaming Operators (POGOs) due to their alleged ties to organized crime, the industry thrived, showcasing resilience and adaptability. A standout performer in this growth trajectory was the iGaming sector, encompassing online casinos and bingo platforms, which exceeded expectations by recording a staggering 165% year-on-year surge, surpassing the PHP100 billion target well ahead of schedule.
Traditional brick-and-mortar casinos continued to be a vital revenue source, generating over $3.5 billion in gross gaming revenue. While iGaming’s meteoric rise hints at a potential shift in dominance from traditional casinos in the future, the coexistence of both sectors currently indicates a harmonious market landscape in the Philippines.
Regulatory changes, particularly the reduction in licensing fees by the Philippine Amusement and Gaming Corporation (PAGCOR), played a pivotal role in propelling industry growth. By slashing fees from 55% to 30%, PAGCOR incentivized unlicensed operators to enter the regulated market, fostering a more competitive and transparent gaming environment.
In addition to iGaming and traditional casinos, eSports betting emerged as a burgeoning sector poised for substantial growth, projected to surpass $18.5 million in 2025. With a growing interest in competitive eSports among Filipinos, industry experts anticipate a double-digit growth trajectory in the years to come, aligning with the nation’s evolving gaming landscape.
Looking ahead, the Philippine gaming industry anticipates sustained expansion across all segments, driven by technological advancements and shifting consumer preferences. PAGCOR’s Chairman and CEO, Alejandro Tengco, expressed optimism about the industry’s future, emphasizing the collaborative efforts with industry stakeholders to shape a dynamic and prosperous gaming landscape in the Philippines.