In 2023, the Philippines achieved a record-breaking revenue of $5.1 billion from gambling and sports betting, surpassing the previous high set in 2019 by 11.2%. Economists attribute this success to the country's gambling market finally recovering from the impact of the COVID-19 pandemic, which had led to a significant drop in gambling revenue during the outbreak.
Alejandro Tengco, the executive director of Pagcor, the state corporation overseeing gambling in the Philippines, stated that the 2023 results "exceeded even the most optimistic expectations."
The Philippines boasts the most dynamic gaming market among Southeast Asian countries, and analysts anticipate that the country will soon surpass Singapore in terms of gambling income. This is partly due to the Philippines being the only country in the region that allows its citizens to access casinos without entry restrictions.
