Asean Business logo
SPONSORED BYUOB logo

Philippines gaming regulator bets on online casinos

Published Thu, Jul 20, 2023 · 05:35 PM
    • “Online gaming offers an opportunity to tap into new markets and diversify its customer base,” Pagcor chairman Alejandro Tengco says.
    • “Online gaming offers an opportunity to tap into new markets and diversify its customer base,” Pagcor chairman Alejandro Tengco says. PHOTO: REUTERS

    THE Philippine gaming regulator aims to take a slice of the lucrative online gaming market by launching its own e-gambling operations next year to grow its pool of customers and attract wealthy offshore gamblers, its chief said on Thursday (Jul 20).

    The Philippine Amusement and Gaming Corp (Pagcor), a gaming regulator and operator, raked in 16 billion pesos (S$388 million) last year from the 41 physical casinos it operates, contributing to the Philippine gambling industry’s gross gaming revenues of 214 billion pesos (S$5.2 billion).

    “Online gaming offers an opportunity to tap into new markets and diversify its customer base,” Pagcor chairman Alejandro Tengco said at the SiGMA Asia gaming conference.

    Online gaming presents a huge opportunity for Pagcor, with the global online gambling market, valued at US$63.53 billion in 2022, forecast grow at a compound annual growth rate of 11.7 per cent from 2023-2030, a study by consulting firm Grand View Research showed.

    A boost in the revenues of Pagcor, which is directly under the office of the Philippine president, bodes well for the South-east Asian country because the bulk of it earnings form part of the national budget.

    Pagcor’s plan to tap into the multi-billion US dollar online gaming industry follows its 2020 decision to allow integrated casino-resorts in the Philippines to take online bets to help them cope with the Covid-19 pandemic.

    Gambling is legal in the Philippines.

    There are 32 offshore gaming companies legally operating in the Philippines that cater mostly to Chinese clients.

    Manila’s gambling scene, which includes a smaller version of the Las Vegas gaming strip that is home to integrated casino resorts like Japan’s Universal Entertainment Corp and Melco Resorts & Entertainment, attracts high rollers from countries like China, Japan and South Korea. REUTERS

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Share with us your feedback on BT's products and services