Philippines gaming regulator bets on online casinos
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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
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