The Philippine Amusement and Gaming Corp. (PAGCOR) attributes a 90 percent year-on-year rise in iGaming revenues to a reduction in licensing rates, among other modifications. The gaming regulator is looking for even more growth in the new year.
In a statement issued February 5, PAGCOR projected the gross gaming revenues (GGR) for the sector, which includes e-games, e-bingo, specialty games and sports betting, to hit PHP61.75 billion (US$1.1 billion), a 6.2 percent increase over the PHP58.16 billion (US$1.04 billion) recorded last year.
PAGCOR Chairman and CEO Alejandro Tengco discussed the massive 92.32 percent growth in iGaming in a panel session at ICE London, crediting various policy reforms. Tengco said the country now hosts more than 1,000 licensed iGaming sites, with more applications under consideration.
“Because of the policy changes implemented by the current management, there was a considerable increase in gaming sites,” he said. “We also approved reductions in (licensing) rates that contributed to the spike in approved sites.”
He said the iGaming sector’s “notable performance positively impacted not only the local gaming industry but also PAGCOR’s revenue generation efforts.” Licensing fees for operators are expected to be reduced again in 2024.
