The Philippines Gambling Industry on Track for US$6.03 billion in 2024 GGR

The Philippine gambling industry's Gross Gaming Revenue (GGR) is poised to surpass previous records in 2024, with projections indicating it will exceed PHP 350 billion (S$6.03 billion). Alejandro Tengco, The Philippine Amusement and Gaming Corporation (PAGCOR) Chairman, made the announcement on Tuesday 10^th.

The Philippines' GGR marked a 23% rise year-on-year compared to 2023's PHP 285 billion. The estimated revenue also surpassed the Corporation's 2024 projections of PHP 334 billion, underscoring the industry's upward trajectory.

Record-Breaking Revenue Records

During the press briefing, Tengco reported, "Our GGR for the year, I think it's over 350 billion pesos." The GGR serves as a crucial metric in determining the prosperity and profitability of an industry, representing the total player wagers minus their payouts.

The increase in gambling revenue paints a positive picture of the Philippines, as a significant portion of PAGCOR earnings are directed to the national budget. Also, it is subject to the Philippine President's office, making it a vital contributor to critical development projects.

Electronic Gaming and Resort Contributions

The unprecedented growth of the Philippine GGR is primarily attributed to the rising demand for electronic gaming (e-gaming) platforms. The niche offers eCasino, sports betting, eBingo, and specialty games.

Recent reports indicate these games are the biggest contributors to the country's third quarter (Q3) GGR of PHP 96.4 billion, a 37.5% rise compared to Q3 2023 and a 6% increase from Q2 2024.

Manila's bustling entertainment complexes with casinos have also contributed massively to the record revenue. The city draws in tourists seeking a more compact Las Vegas experience, making it an ideal destination for spending whales from Japan, China, South Korea, and other parts of Asia.

Ongoing POGO Ban

The country's financial success coincides with a significant structural shake-up as PAGCOR oversees a nationwide ban on Philippine Offshore Gaming Operators (POGOs). President Ferdinand Marcos Jr. issued the directive in July, and no POGO is expected to be operational beyond January 1^st, 2025.

"From 48, as of November 30 we're down to about 13 and by December 15, it will be zero," said Tengco. He further explained that POGOs operating beyond the deadline set in the Executive Order will be considered illegal.

The POGO ban addresses rising concerns over links to human trafficking, cryptocurrency scams, and other criminal activities linked to the sector. The abolition is meant to re-establish local and international trust that the Philippines is a regulated and secure gambling environment.