Philippines’ GGR soars to almost €1.4 billion in 1Q 2024?

Jenny Ortiz May 15, 2024

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Philippines’ GGR soars to almost €1.4 billion in 1Q 2024?

The Philippine gaming industry has experienced a surge in the first quarter of 2024, with Gross Gaming Revenues (GGR) reaching a staggering Php81.7 billion (€1.39 billion). This represents an 18.54 percent increase from the same period last year, according to the Philippine Amusement and Gaming Corporation (PAGCOR).?

Record-breaking performance in?iGaming?sector?

PAGCOR Chairman and CEO Alejandro?Tengco, expressed his satisfaction with the industry’s performance, particularly highlighting the outstanding growth in the Electronic Games (E-Games) sector. ?

“The E-Games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well,” Tengco said.

“With the way technology is constantly shaping our lives and the way we do business, and even the way we choose to be entertained, the future of gaming clearly lies in this sector,” Tengco added.

The iGaming revenue soared to PHP 22.5 billion (€360.9 million), exceeding expectations and demonstrating the profound impact of gaming technology on entertainment choices.

Regulatory policies and reduced fees boost iGaming?

Tengco attributed the success of the iGaming sector to PAGCOR’s improved regulatory policies and reduced fees, which have attracted both local and international gaming companies to invest in the Philippine gaming industry.

“We are confident that with our new regulatory policies, more gaming companies both here and abroad will continue to look at business and investment opportunities in the Philippine gaming industry,” he said.

Licensed casinos still lead, despite?decrease?

While licensed casinos remain the biggest contributors to 1Q GGR, bringing in PHP 49.7 billion (€797.13 million), there has been a slight decrease compared to the previous year. PAGCOR-operated casinos and bingo operations also experienced dips in revenue, indicating the ongoing challenge posed by online platforms.

Positive outlook for full-year revenues?

Despite these minor setbacks, the industry’s outlook remains positive, with first-quarter revenues surpassing 24 percent of the projected full-year GGR. Moreover, the 1Q 2024 revenues have surpassed previous records, setting a promising trajectory for continued growth in the Philippine gaming industry.?