Philippine Gaming Sector’s GGR is Projected to Hit Record $6 Billion in 2024

Current State of the Local iGaming Market

For decades, PAGCOR has overseen the country’s gambling sector. Its Chairman, Alejandro Tengco, was among the first to forecast the ₱350 billion milestone and highlighted e-games as a key driver of the anticipated full-year GGR surge.

The authority’s experts previously projected sector profits to reach ₱334 billion. In 2023, actual revenue totalled ₱285 billion, so the new forecast indicates a 23% YoY increase.

Since its emergence in 2016, the Philippines’ entertainment sector has swiftly developed, driven by liberal local laws and a focus on players from China, where real-money gaming remains banned.

Strict Prohibition on POGOs’ Activities

PAGCOR is actively revoking all certifications issued to offshore gambling operators, aiming to finalise the process by year-end.

Mr Tengco outlined the timeline:

• earlier this year, 48 POGOs had official permits;
• on November 30th, this amount was reduced to 13;
• starting on December 15th, all licences must be annulled.

This resolution aligns with the President’s directive to ban all offshore brands in the state due to violations, crimes and negative reputations. Starting January 1st, any POGO operating within the country will be deemed illicit and face strict penalties.

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