Philippines Gaming Industry GGR Expected to Surpass $6 Billion in 2024

The Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro Tengco, has announced that the Philippines’ gaming industry is poised to achieve gross gaming revenue (GGR) of Php350 billion (US$6.03 billion) in 2024.

Speaking to local media on Tuesday, Tengco described the projected revenue as a record-breaking figure for the country.

“Our GGR for the year, I think it’s over 350 billion pesos,” Tengco stated.

The anticipated revenue represents a 23% increase from the Php285 billion recorded in 2023 and exceeds PAGCOR’s initial 2024 target of Php334 billion by 5%. This growth is attributed to the rapid expansion of the e-Games sector, which includes eCasino, eBingo, sports betting, and specialty games.

In its latest financial updates, PAGCOR reported a GGR of Php94.6 billion for the third quarter of 2024. This figure reflects a 37.5% year-on-year increase and a 6% growth compared to the second quarter of this year.

Tengco also addressed the ongoing shutdown of the Philippine Offshore Gaming Operators (POGO), expressing confidence that all remaining operations would cease by year-end.

“From 48, as of November 30 we’re down to about 13 and by December 15 … it will be zero,” he stated, adding that any POGOs still operational as of January 1, 2025, would be considered illegal.

The nationwide ban on POGOs was initially announced by Philippine President Ferdinand Marcos Jr during his State of the Nation Address in July 2024. This announcement was formalized through an Executive Order issued in November.

The country’s gaming industry has witnessed significant growth despite the regulatory changes, setting new benchmarks for performance and revenue generation. 

By fLEXI tEAM