Despite the ban on Philippine offshore gaming operators (POGOs), the Philippine gaming industry experienced significant growth in 2024, with gross gaming revenue (GGR) reaching Php410 billion, up 25% from the previous year.

Alejandro H. Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), made the announcement at the ASEAN Gaming Summit in Manila.

Tenco stressed that as offshore gaming exits the market, PAGCOR prioritizes a technology-driven future with a focus on regulating e-gaming while maintaining strict oversight to crack down on illegal operators.

Land-based casinos contributed PHP201 billion ($3.5 billion), almost half of total gaming revenue.

However, the most notable growth was seen in the electronic gaming and e-bingo segments, which generated revenue of Php154.51 billion, a year-on-year increase of 165%.

PAGCOR attributed the increase to strategic policy changes, including the gradual reduction of video gaming license fees. Previously, these fees were set between 50% and 55%, falling to 30% of GGR starting January 1, 2025, to encourage unregistered operators to enter the regulated market and maintain profitability for licensed operators.

Lower fees also pushed the video gaming industry in September to achieve its 2024 revenue target of PHP100 billion.

Looking ahead, Tengco expressed optimism about the industry’s continued expansion, saying: “We wish to assure industry stakeholders that responsible gaming and market integrity will remain at the core of our efforts even as we strive to achieve greater success.

“The best days for the Philippine gaming industry are still ahead of us, and we look forward to working together with all of you to shape future developments.”