DigiPlus Interactive Corp., operator of popular platforms like BingoPlus and ArenaPlus, suffered a sharp 20.4 percent drop in share price on Wednesday, falling to PHP27.90 ($0.49) amid growing political pressure to ban online gambling in the Philippines.
This marks the company’s second-worst trading day in history, The Philippine Daily Inquirer reported, trailing only its 23.87 percent plunge earlier this month following the filing of a Senate bill seeking tighter regulation of online gaming.
The decline comes as President Ferdinand Marcos Jr. confirmed he is “thoroughly studying” the potential impact of a nationwide ban on online gambling. Lawmakers, including Senators Sherwin Gatchalian and Raffy Tulfo, have voiced strong support for the ban, citing concerns over gambling addiction and corruption.
“The drop in DigiPlus shares was driven by rising calls for an outright ban,” said Alfred Benjamin Garcia, head of research at AP Securities.
Despite launching a PHP6 billion ($106.77 million) share buyback program to stem losses, DigiPlus stock has now plummeted 57.3 percent from its 52-week high of PHP65.30 ($1.15) reached just last month.
Analysts warn that if proposed legislation is enacted, DigiPlus—whose operations are heavily reliant on the local market—could face major setbacks. However, the company’s upcoming launch in Brazil this September is expected to help offset some of the domestic risk.
DigiPlus more than doubled its net income to PHP4.2 billion ($74.05 million) in the first quarter of 2025, outpacing Bloomberry Resorts Corp., operator of the Solaire casino, which posted PHP3.3 billion ($58.3 million) in earnings during the same period.
