The Gross Gaming Revenue (GGR) in the Philippines saw a significant year-on-year increase of 19.2%, totaling $3.33 billion in the first half of 2024. The online segment experienced a remarkable growth of 208.4% during the same period, according to data from the Philippine Entertainment and Gaming Corporation (Pagcor). This growth is being attributed to the implementation of reforms and stricter regulations under the new administration in the country.
Although land-based casinos remain the primary source of income, contributing PHP 99.16 billion to the total figure, online gambling revenue is quickly catching up. This year, online gaming income reached PHP 63.01 billion, marking a threefold increase from the first half of 2023 when it was PHP 20.43 billion.
Pagcor's overall revenue, which includes income from gaming operations, services, and business activities, reached PHP 51.76 billion, showing a significant increase of 42.9% compared to the previous year. Of this amount, PHP 45.39 billion was derived from gaming operations within the Philippines, with online gaming contributing a substantial PHP 20.66 billion.
Alejandro Tengo, the CEO of Pagcor, expressed optimism about reaching a target of PHP 100 billion in annual gross revenue for 2024, or potentially surpassing it. With the growing revenue in the gambling sector and increasing interest from players and investors in the Philippine market, Tengo believes that 2024 will be a standout year for Pagcor.
