Philippines eGames service provider PhilWeb Corporation fell to a net loss of Php5.6 billion (US$99,000) in the three months to 31 March 2023, down from an income of Php5.6 billion (US$100,000) in 1Q22 due to payment of various licensing and accreditation fees.
The decline came despite PhilWeb reporting a 12% increase in revenues to Php204.3 million (US$3.7 million) thanks to the 150-plus eGames and eBingo venues the company provides services to resuming full operational capacities.
The costs incurred in Q1 included annual business permit and license renewals, as well as PAGCOR accreditation fees to provide sports betting services.
These services will be launched as eSportsbet.ph upon completion of final regulatory requirements, PhilWeb said.
Payment of its fees saw the company’s EBITDA fall by 39% to Php32.1 million (US$578,000) for the quarter.
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