Gross gaming revenue in the Philippines saw a 32.3 percent yearly uptick in the second quarter, hitting PHP89.23 billion ($1.56 billion), with the eGames sector seeing a substantial rise.
The overall GGR figure was also 9.21 percent higher than the figures seen in the first quarter of 2024.
The largest growth was seen in the eGames sector, with revenue rising by 525 percent yearly, to PHP30.85 billion ($538.66 million).
Speaking of the results, the Chairman of the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro H. Tengco, noted that “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year.”
The nation’s president announced the ban on offshore gaming operations regulated by PAGCOR during his recent State of the Nation Address (SONA).
But in regard to the eGames growth, Tengco attributed the success to police reforms implemented by the regulator over the past year.
Looking to land-based operations, licensed casinos continued to be the strongest contributor to GGR, with revenues totaling PHP49.48 billion ($863.95 million), a slight drop compared to the PHP51.7 billion ($902.71 million) record recorded in 2Q23 and also a slight drop from the first quarter of 2024.
Revenue generated from PAGCOR-operated casinos (Casino Filipino) fell by 14.8 percent yearly, again from a record high in 2Q23, to PHP4.2 billion ($73.33 million). The figure was also a 10.41 percent sequential drop.
Meanwhile, bingo operations saw revenue of PHP4.69 billion ($81.89 million), down both yearly and sequentially.
