Electronic gaming (e-gaming) contributed P58.16 billion in gross gaming revenues (GGR) last year, 92.32 percent up from the prior year’s P30.24 billion, said Alejandro Tengco, chairman of the Philippine Amusement and Gaming Corp. (Pagcor).
In a panel interview at the ICE (International Casinos Exhibitio) London 2024 Conference in London last February 6, Tengco said “there was a “phenomenal rise” in online gaming activities last year.
E-gaming sector includes e-games, e-bingo, specialty games and sports betting.
The sector’s to 2023 GGR is also a new record, surpassing the previous high of P32.24 billion in 2019 before the pandemic, according to Tengco.
Earlier, Tengco said Pagcor reached another milestone in 2023 with more than 1,000 licensed e-gaming sites — with more applications in the pipeline.
“Because of the policy changes implemented by the current management, there was a considerable increase in gaming sites. We also approved reductions in (licensing) rates that contributed to the spike in approved sites,” he said.
“The e-games sector’s notable performance positively impacted not only the local gaming industry but also Pagcor’s revenue generation efforts,” Tengco added.
Tengco said t more policy tweaks — including further lowering licensing rates — and the growing integration of technology in gaming should allow the e-games sector to continue fueling the growth of the local gaming industry with its projected P61.75 billion in revenues in 2024.
ICE serves as the premier destination for industry innovation, collaboration and networking.
It is known as the Global Gaming Hub for all B2B industry experts that provides an ideal platform for gaming industry leaders to share their achievements, initiatives and vision for the future. -Ruelle Castro
