The Chairman and CEO of Philippine gaming regulator PAGCOR, Alejandro Tengco, told local media on Tuesday that the country’s gaming industry is on track to reach revenues of Php350 billion (US$6.03 billion) this year.
The figure would represent a new all-time record, buoyed by the rapid growth of the e-Games sector – comprising eCasino, eBingo, sports betting and specialty games.
The figure would represent a 23% increase over 2023’s GGR of Php285 billion and a 5% increase over PAGCOR’s 2024 target of Php334 billion.
“Our GGR for the year, I think it’s over 350 billion pesos,” Tengco said.
PAGCOR recently reported GGR of Php94.6 billion for the September 2024 quarter, up 37.5% year-on-year and 6% higher than Q2.
Tengco also provided an update on the Philippines’ nationwide POGO shutdown, stating his confidence that all remaining operations would be shut down by the end of the year.
“From 48, as of November 30 we’re down to about 13 and by December 15 … it will be zero,” he said. Any POGOs still operating from 1 January would be deemed illegal, he added.
Philippine President Ferdinand Marcos Jr first announced the ban on POGOs during his State of the Nation Address in July, before issuing an Executive Order on the matter in early November.
