Asia Gaming eBrief: S&P forecasts narrower margins for DigiPlus

Good morning. Staying at the top comes with a growing price tag. S&P expects DigiPlus to retain 40–50 percent of the Philippine online gaming market, but warns that rising customer costs could offset lower gaming taxes and squeeze margins, even as it assigned the operator a B+ rating with a stable outlook. In Cambodia, Prime Minister Hun Manet has ordered a review of casino licensing and renewal standards as the government seeks to gradually reduce the country’s more than 100 casinos and strengthen oversight amid its crackdown on online gambling and scams.

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What you need to know

• S&P warns DigiPlus margins will slip to 14.5–16% as customer acquisition and retention costs threaten the benefits of lower gaming taxes.
• Cambodia plans to gradually reduce its 100-plus casinos as Hun Manet orders tighter standards for license approvals and renewals.

On the radar

• PAGCOR says gaming rules must evolve as industry changes.
• Philippine payment firms face license risk over disguised online casinos.
• Infoblox finds Macau casino brand misuse across illegal gambling web.

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AGB Intelligence

PHILIPPINES

DigiPlus margins could fall to 14.5–16% on higher marketing costs

S&P Global Ratings expects DigiPlus Interactive’s EBITDA margins to slide to 14.5–16 percent over the next two years as customer acquisition and retention costs climb, partly offsetting lower gaming taxes. Even so, the agency assigned a stable B+ rating, citing the operator’s dominant 40–50 percent market share, strong balance sheet, and ample liquidity. It warned that tightening Philippine regulation will slow growth and raise costs, but could also spur consolidation that benefits larger, better-resourced players like DigiPlus.

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Industry Updates

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• GLI strengthens EMEIA leadership team with four Sales Director promotions.

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