Philippine Gaming Revenues Surge by 37.52% in Q3 2024, Driven by Electronic Gaming Boom

Electronic Gaming Sector’s Remarkable Growth

A key driver of this impressive performance is the Electronic Gaming sector, which saw revenues soar to ₱35.71 billion – a staggering 464.38% increase from the previous year’s ₱6.32 billion. PAGCOR Chairman and CEO Alejandro H. Tengco highlighted this growth as a strong indication of the pivotal role that modern technology and mobile devices play in shaping the future of gaming.

Image source: PAGCOR

Chairman Tengco expressed optimism about the continued expansion of the e-gaming sector, noting that as technology becomes more integral to daily life, including shopping, gaming, and entertainment, the sector is poised for further growth. He projected that by year-end, the E-Games sector could generate up to ₱78 billion in license fees, substantially contributing to PAGCOR’s ₱100 billion revenue target for 2024.

Performance of Licensed Casinos and Other Gaming Operations

Despite the overall growth, licensed casinos—the largest contributors to the GGR – reported revenues of ₱50.72 billion, reflecting a slight decline of 2.27% compared to last year’s ₱51.90 billion.

PAGCOR-operated Casino Filipino venues generated ₱3.64 billion, a 26.32% decrease from the ₱4.94 billion recorded in the third quarter of 2023. Bingo operations also saw a decline, contributing ₱4.52 billion to the GGR, down 19.43% from the previous year’s ₱5.61 billion.

Implications for the Philippine Gaming Industry

The exceptional growth in the Electronic Gaming sector underscores a significant shift in the gaming landscape, with digital platforms and mobile accessibility driving increased participation. This trend suggests a potential realignment of resources and strategies within the industry to capitalize on the burgeoning E-Games market.

PAGCOR’s strategic focus on enhancing technological integration and expanding digital gaming offerings appears to be yielding substantial returns. The agency’s commitment to modernizing the gaming experience aligns with global trends, positioning the Philippines as a competitive player in the international gaming arena.

As the year progresses, stakeholders within the Philippine gaming industry will likely monitor these developments closely, adapting to the evolving preferences of gamers and leveraging technological advancements to sustain growth and profitability.