A top group of veteran iGaming experts joined together at the ASEAN Gaming Summit to discuss how the industry has evolved, particularly in the Philippines, and what can be expected in the post-pandemic era. The panel was moderated by FBM Philippines Country Manager Pepe Costa and featured DFNN’s President and CEO Ricky Banaag and Casino Plus CEO Evan Spytma.
The pandemic catalyzed regulatory reforms aimed at safeguarding players by creating a more structured gaming environment, leading to an influx of players into regulated channels rather than unlicensed options.
Key insights include the importance of a strong online presence, the increased use of e-wallets, and the necessity for cooperation among stakeholders such as regulators, telecom companies, and gaming providers. As the regulatory framework evolved, it became critical for businesses to provide real-time feedback to enhance compliance and streamline processes.
The panel highlights the current environment of friendly competition among established brands and newcomers, as well as the necessity for responsible gaming initiatives to maintain a sustainable and safe gaming ecosystem moving forward.
Highlights
- Emerging Landscape: The regulatory landscape for iGaming in the Philippines has seen significant developments in response to the pandemic.
- Digital Transformation: The pandemic necessitated a rapid shift from land-based to online gaming platforms, reflecting broader trends in digital transformation across industries.
- E-Wallet Adoption: More than 80% of Filipinos use e-wallets, making them essential for iGaming transactions in a largely unbanked populace.
- Regulatory Collaboration: Strong collaboration between industry players and regulators has enhanced the compliance framework, contributing to the growth of a safe gaming environment.
- Specialized Games: The introduction of localized and specialty games reflects the uniqueness of the Filipino market, catering directly to local preferences.
- Continuous Evolution: The regulatory framework continues to adapt, with new licenses and fees aimed at fostering competition and innovation in the iGaming space.
- Responsible Gaming: The importance of responsible gaming practices is emphasized as the sector expands, ensuring the protection of players and the integrity of the industry.
Key Insights
- Regulatory Modernization: The pandemic catalyzed a necessary modernization of regulations governing the gaming industry, with PAGCOR actively working to create a licensing framework that ensures player safety and encourages legal participation. By focusing on player experience and regulatory compliance, PAGCOR aimed to shift players from unregulated to regulated platforms.
- Online Engagement: Filipinos spend an average of nine hours online daily, with a significant portion on mobile devices. This high level of engagement positions the Philippines as a prime market for online gaming, making it essential for companies to enhance their digital strategies to capture this audience effectively.
- E-Wallet Integration: The pandemic-driven rise in e-wallet usage has been vital for the iGaming sector. As players gravitate toward digital transactions, payment providers play a crucial role in facilitating seamless experiences, making partnerships with popular e-wallets a priority for gaming companies to enhance their market penetration.
- Collaboration with Regulators: The current regulatory landscape has been shaped by intensive cooperation between industry stakeholders and regulators. Real-time feedback mechanisms have been established to adapt to evolving consumer behavior and ensure compliance, which underscored the importance of a collaborative ecosystem for sustained growth.
- Opportunities for New Entrants: The evolving market dynamics have opened doors for new operators, like CasinoPlus, to introduce innovative gaming experiences. Their early investments in adapting to technological advancements and regulatory frameworks have positioned them favorably amidst the competition.
- Importance of Localized Content: By recognizing cultural preferences and local gaming styles, gaming companies have gained a competitive advantage. The introduction of specialty games demonstrates the need to cater to local tastes, enhancing player retention and satisfaction.
- Promoting Responsible Gaming: As the industry grows, promoting responsible gaming initiatives becomes paramount. Stakeholders are encouraged to implement safeguards to ensure player protection and responsible gambling practices, fostering a healthy environment where gaming remains an enjoyable form of entertainment without adverse societal impacts.
The conversation sheds light on the transformative changes within the iGaming industry in the Philippines. Fueled by the pandemic’s challenges, the shift towards online gaming has opened new pathways for growth, innovation, and collaboration across the industry. The commitment from regulators and industry players to create a regulated, responsible, and player-friendly environment signals a promising future for the online gaming landscape in the Philippines. As the industry strives to improve, continuous adaptation to technological advancements and player preferences will be essential in maintaining a competitive edge while prioritizing player safety and responsible gaming practices.
