PAGCOR reports 37.52% GGR rise, e-gaming soars 464%
Key Takeaways
- The Philippine gambling authority PAGCOR reports a 37.52% increase in gross gaming revenue (GGR) for the third quarter of 2024 compared to the previous year.
- The growth is primarily driven by the electronic gambling sector, which saw a 464.38% year-over-year increase.
- Traditional gambling sectors such as licensed casinos and bingo, however, experienced declines.
Electronic Gambling as a Growth Driver
The Philippine gambling authority PAGCOR (Philippine Amusement and Gaming Corporation) reported a significant increase in gross gaming revenue (GGR) for the third quarter of 2024, reaching Php94.61 billion (approx. 1.55 billion euros). This represents a growth of 37.52% compared to Php68.79 billion in the same period last year. The main reason for this increase is the electronic gambling sector, which recorded impressive growth.
Impressive Growth in Electronic Gambling
The electronic gambling sector was the strongest growth driver, generating revenues of Php35.71 billion. Compared to Php6.32 billion in the previous year, this represents a staggering increase of 464.38%. PAGCOR Chairman and CEO Alejandro H. Tengco emphasized the importance of this development, highlighting that modern technologies and mobile devices will play an increasingly significant role in the gambling sector.
Tengco predicted that the e-games sector could bring in up to Php78 billion in licensing fees by the end of 2024. This would be a significant step toward the ambitious goal of Php100 billion in total revenue for PAGCOR.
Declines in Traditional Gambling Offerings
Despite the strong growth in electronic gambling, traditional gambling offerings saw mixed results. Licensed casinos, which still hold the largest share of GGR, generated Php50.72 billion, a slight decline of 2.27% compared to the previous year. PAGCOR-operated Casino Filipino locations also saw a drop of 26.32%, contributing only Php3.64 billion compared to Php4.94 billion in the previous year.
Bingo operations also experienced a decline, generating Php4.52 billion, a 19.43% decrease from Php5.61 billion in the previous year. These developments reflect a shift in player preferences, with electronic gambling gaining increasing importance.
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Our Assessment
The latest figures from PAGCOR clearly show that electronic gambling is playing an increasingly important role in the Philippines. While traditional gambling offerings like casinos and bingo are declining, the electronic gambling sector is growing rapidly. This trend is a clear indication that the integration of technology in the gambling market is progressing further. For players, this means more flexibility and accessibility, while providers benefit from the growing demand. PAGCOR appears to be on the right track to achieving its ambitious goals for 2024.
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