Good Morning. The Philippines generated a ripple of excitement in late 2020 announcing it would be the first and only jurisdiction in Asia to permit online gambling to its local population. In our Pop-Up Forum held on Monday, we tuned in with three of the earliest adopters to find out where the industry stands and what’s in store for the future. They agree that the market potential is huge, but as with any nascent sector it has its teething problems. In the Philippines, not least it’s balancing the desires of the government to raise revenue with the private sector companies need to generate a profit. We hear that a few tweaks are needed. 


What you need to know

  • The Primorsky Territory Development Corp. said a South Korean company identified as Plgen Holdings has agreed to build a casino in the zone, with initial investment of about $23.9 million.
  • Hong Kong has announced a significant shift in its Covid policies, lifting a ban on flights from nine countries and cutting quarantine down to seven days as public support wears thin. 
  • Macau’s gross gambling revenue in the week to March 20 fell 13% from the prior week to the lowest level since the prior Covid outbreak in Zhuhai in early January: Bernstein.

On the radar


What the papers say


AGB Intelligence

DEEP DIVE

Asia Gaming ebrief

PIGOS seen as an industry life saver, but costs curbing market potential

The Philippines’ domestic online gaming market has made a good start, but the market is challenging with high cost structures and other regulatory hurdles that may crimp industry potential. Speaking on Asia Gaming Brief’s Pop-Up Forum on Monday, three of the first movers in the industry provided an industry update. Calvin Lim, CEO of DFNN, said PIGOs had been a life saver for the industry, providing business continuity during the pandemic. Revenues are on an upward trajectory and the market has huge potential. However, fully tapping into that potential may need further tweaks to the regulatory and tax structure to allow the country’s legal operators to compete with the still large illegal market.  

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