Data from the Philippine Amusement and Gaming Corp. (Pagcor) showed the E-Games sector, which includes online bingo and other forms of digital gambling, reached revenues of P30.85 billion during the period.
Closing in on casino resorts
Online gaming revenues are catching up with the country’s casino resorts, which pulled in P49.48 billion in revenues during the second quarter, 4.3 percent lower compared to the same period in 2023.
The gap is rapidly shrinking, with the licensed casinos’ lead of around 120 percent in the first quarter being reduced by half to approximately 60 percent in the second quarter.
Replacement for lost POGO revenues?
“The E-Games sector recorded an impressive 525 percent increase from the P4.93 billion year-on-year,” Pagcor chair and CEO Alejandro Tengco said in a statement.
He said this might even replace the revenue lost due to the Marcos administration’s order to phase out China-focused gaming operations by the end of 2024.
“This sector continues to surpass targets and should help cover any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year,” Tengco said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
