Chaired by tycoon Eusebio Tanco, the operator of popular BingoPlus and ArenaPlus games finished at P38.75 per share, down 14 percent during the session and contributing to a loss of about 40 percent from its P65.30 per share high in early June.
“On July 3, the stock plunged to its 30 percent daily limit amid a spike in trading volume, following reports that the bill had progressed in Congress,” Wendy Estacio-Cruz, Unicapital Securities head of research, said in a text message to InsiderPH.
Tycoon Enrique Razon Jr.’s integrated casino operator Bloomberry Resorts, which recently soft-launched its new online gaming platform MegaFUNalo, also fell 6 percent to P4.70 per share.
“The heightened regulatory risk has sparked a broad sell-off across the gaming sector, with PLUS seen as particularly vulnerable to potential restrictions given it is the leading digital gambling operator,” Estacio-Cruz said.
DigiPlus reacts to the drop
"The company notes the recent share price movement and attributes this to market speculation following the filing of the Online Gambling Regulatory bill and Online Gambling Prohibition bills filed at the Senate and House of Representatives since June 30, 2025," the company said in stock exchange filing on Thursday.
"We highlight that the bills are still in the early stages of the legislative process and has not been enacted into law. DigiPlus remains fully operational and committed to delivering value to our customers and shareholders. We continue to conduct business as usual and remain confident in the long-term growth potential of the company," it added.
Huge gains intact, depending on your entry
DigiPlus, valued at about P290 billion in the stock market at its peak, controls about half of the country's online gaming market.
The recent selloff has knocked off close to P120 billion from its market value over the past three weeks.
Still, the company is up about 40 percent since the start of 2025 and about 185 percent higher over the past 12 months.
In a report last May 9, stock brokerage house CLSA Ltd. said DigiPlus had room to grow further, although it was unclear how future regulations might impact its profitability.
Who’s in play?
Senator Sherwin Gatchalian has filed a bill to tighten online gambling rules by banning e-wallets for bets, setting a P10,000 top-up minimum, and raising the age limit to 21.
Sen. Joel Villanueva separately proposed a bill to ban online gaming.
Meanwhile, the state-run Philippine Amusement and Gaming Corp. maintains a supportive stance toward legal online betting, arguing that regulation helps curb illegal operations that often thrives under the nose of authorities.
Online gaming impact
While online gaming is driving revenue gains, its broader economic impact may be limited, according to First Metro Securities (FMS).
“We note that the rise of online gaming poses risks to domestic consumption growth, as it offers lower multiplier effects versus integrated resorts (which support domestic tourism) and primarily targets low- to middle-income households with weaker financial literacy,” FMS said in a report last June 12.
Oversold territory?
Nicky Franco, Abacus Securities research head, said the sharp selldown on Thursday appeared to be capitulation, where investors panic and sell at a low point, which could signal a short-term bottom.
“I think today was capitulation. Maybe goes sideways for a while then rally when it’s added to the index end-July,” he said in a text message.
Juanis Barredo, COL Financial Group’s chief technical analyst, also expected a pullback, noting the stock was due to correct toward its recent average price range of P44 to P35.65—both of which have since been reached.
“Today looks like a classic selling climax,” he said.
The final word: stay cautious
Given the uncertainty facing the sector, Estacio-Cruz suggested waiting for the dust to settle before planning the next moves.
“For now, although the initial sell-off appears to be driven by sentiment, continued downward pressure is likely if regulatory risks intensify or remain unclear,” she said.
“I think investors are cautious as they’re still waiting for clarity on the proposed laws,” she added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
