In a bid to tap into the thriving online gaming market, the Philippine Amusement and Gaming Corp (Pagcor) has announced its plan to launch its own e-gambling operations next year. The move aims to attract a broader customer base, including wealthy offshore gamblers, and boost revenues for the gambling industry in the Philippines.
Pagcor, a gaming regulator and operator, reported a remarkable revenue of 16 billion pesos ($293 million) in the past year from its 41 physical casinos. This contributed significantly to the Philippine gambling industry’s overall gross gaming revenues, amounting to 214 billion pesos ($3.9 billion), Reuters news report said.
During the SiGMA Asia gaming conference, Pagcor Chairman Alejandro Tengco highlighted the potential of online gaming as an opportunity to diversify their customer base and venture into new markets.
This strategic move comes as the global online gambling market continues to expand, with a staggering value of $63.53 billion in 2022. Forecasts indicate a compound annual growth rate of 11.7 percent for the market from 2023 to 2030, as per a study conducted by the consulting firm Grand View Research.
The successful implementation of Pagcor’s e-gambling operations would have a positive impact on the Philippines’ economy, as a significant portion of the regulator’s earnings directly contributes to the national budget.
This initiative builds upon Pagcor’s previous decision in 2020 to allow integrated casino-resorts in the country to accept online bets, primarily to help them navigate the challenges posed by the COVID-19 pandemic.
It is worth noting that gambling is entirely legal in the Philippines, and there are currently 32 offshore gaming companies operating legally in the country. These firms mainly cater to Chinese clients, highlighting the region’s attraction to the lucrative Asian market.
Manila’s gambling scene, akin to a smaller version of the famed Las Vegas gaming strip, houses integrated casino resorts such as Japan’s Universal Entertainment Corp and Melco Resorts & Entertainment. This has made the city an appealing destination for high rollers from countries like China, Japan, and South Korea.
As Pagcor gears up to venture into the online gaming arena, the Philippine government and the gaming industry anticipate substantial growth and economic gains from this strategic move. With the global online gambling market continuing its upward trajectory, the Philippines aims to secure a significant position in this rapidly expanding sector.
