iGaming Fuels Philippines Betting Boom with Record $7.16 Billion Revenue

The Philippines gaming industry hit a new all-time high, having just posted a record PHP410 billion ($7.16 billion) in gross gaming revenue (GGR) for 2024.

In what marked an amazing 25% year-on-year (YoY) surge for the island nation, revenues grew from PHP329 billion ($5.7 billion) in 2023 to further its status as a top Asian casino destination.

The end-of-year results were all the more impressive given the government’s decision to outlaw Philippine Offshore Gaming Operators (POGOs), some of whom were linked to organized crime, in November.

Perhaps the most notable revenue division was the welcomed expansion of the iGaming sector, which includes the nation’s online casinos and bingo operations.

In fact, the iGaming sphere exceeded all expectations, skyrocketing after posting a 165% increase YoY, tallying PHP154.51 billion ($2.6 billion), impressively surpassing the PHP100 billion target as early as September.

However, remaining dominant, traditional casinos maintained their status as the core revenue generator of the gaming industry, accounting for over PHP201 billion ($3.5 billion) in GGR.

Of course, it will surely only be a matter of time before iGaming eventually overtakes these casino resorts, but for now, the online surge is not showing signs of any market cannibalization in the Philippines.

Behind the scenes, regulatory changes have also been credited as a key accelerant in fuelling the industry boom, primarily through its proactive reductions of fees. Perhaps the most notable PAGCOR incentive – the Philippine gaming regulator – was the slashing of its licensing fees from a high of 55% in 2023 to just 30%, which actively encouraged unregistered operators to enter the regulated market.

PAGCOR Chairman and CEO Alejandro Tengco stated that Philippine gaming is “robust” as well as being increasingly technology-driven.

Outside of iGaming and traditional in-person casino resorts, another fast-growing sector is eSports gambling, which is expected to top PHP22.1 million ($18.5 million) in 2025. Mirroring the nation’s love for competitive console and mobile eSports, as gamer numbers soar, industry insiders believe double-digit growth is achievable in the coming years.

Looking ahead, the Philippine gaming sector as a whole is predicting further growth in all areas, particularly as new, more advanced technologies are helping to reshape the market. A point illustrated by Tengco, who was keen to reassure stakeholders, stating, “The best days of Philippine gaming are still ahead of us, and we look forward to working with industry leaders to shape its future.”