The future of iGaming in the Philippines is set to be shaped by regulatory advancements, the rise of new competitors coming from the unregulated market, and the integration of payment solutions, especially in popular social and messaging apps, industry representatives pointed out today.
The second day of the ASEAN Gaming Summit started with a panel centered on the origin story of iGaming in the Philippines and what’s next for the industry.
The Philippines boasts one of the highest online screen times globally, with Filipinos spending nearly nine hours a day online. This high engagement level, combined with the prevalence of e-wallets, positions the country as a robust ecosystem for iGaming.
According to statistics, Facebook was the most used platform by Filipinos, who reportedly spend an average of 26 hours and 54 minutes on the platform monthly, while also spending 40 hours and 46 minutes monthly on TikTok.
“Can you imagine a world if Facebook were to get their own EMI license and do their own payments? It’s gonna be a game changer,” Evan Spytma, CEO of Casino Plus, noted in the panel.
Ricky Banaag, President & CEO of DFNN, highlighted the critical role of payment platforms in the growth of iGaming. He pointed out that e-wallets, particularly GCash, have become embedded in the daily transactions of Filipinos, both online and offline.
“For the Philippines, the platform started with G is still probably king,” Banaag remarked, emphasizing that new players entering the market must prioritize partnerships with local payment service providers.
He noted that many Filipinos use multiple e-wallets, which will be essential for facilitating transactions in the eGaming space.
Spytma also mentioned the potential impact of Viber, a messaging app extremely popular in the country, entering the realm of payment systems, suggesting that it could also significantly change the landscape.
For the Casino Plus CEO this reflects the broader trend of integrating social media platforms with eGaming, which could enhance user engagement and accessibility.
Unregulated market goes legal
The discussion also delved into the changes in the country’s unregulated iGaming which – according to Spytma – has traditionally accounted for about 75 percent of the total market.
“However, recent statistics suggest this figure has decreased to around 65 percent as illegal operators transition to licensed and regulated entities”, he added.
The Casino Plus CEO emphasized that the government’s approach has been strategic, allowing the regulated market to demonstrate its potential for generating revenue comparable to the unregulated sector.
“What they did is they wanted to show the way, show that in the regulated market you can generate more or equal to more than what you’re doing in the unregulated market,” he stated.
This shift is expected to continue, with many local gray sites launching as regulated entities, leading to increased competition and revenue generation in the coming year.
