Shares of Philippine Stock Exchange-listed DigiPlus Interactive Corp. have risen 151 percent this year as of Wednesday, outpacing all other casino stocks with a market value over $1 billion.
The stock has increased twelvefold over the past two years, bolstered by a shift to online operations during the pandemic. The same stock was ranked as the best-performing company on the Philippine Stock Exchange (PSE) in 2023, outperforming nearly 300 listed companies in terms of stock price growth.
Digital entertainment group DigiPlus is capitalizing on its strong position in the domestic online gaming market. According to the latest financial results, for the first half of 2024 DigiPlus registered a net income of PHP5.2 billion ($90.8 million), a 377 percent increase from PHP1.1 billion ($19.2 million) in the same period a year ago.
Revenues jumped 263 percent to PHP32.5 billion ($567.7 million), while EBITDA reached PHP5.5 billion ($96.1 million), a 336 percent increase from the previous year.
Formerly known as Leisure & Resorts World Corp., the company initially operated bingo halls before rebranding and focusing on attracting tech-savvy younger players with disposable income.
The sustained profit momentum was fueled by the robust performance of its digital retail segment, combined with the rationalization of revenue sharing with the Philippine Amusement and Gaming Corporation (PAGCOR) for electronic games, implemented in April 2024.
Although DigiPlus’s business is not affected by the recent ban on POGOs (Philippine Offshore Gaming Operators), local lawmakers are considering potential regulations on local online gambling due to concerns about its social impact. In the meantime, the company is seeking to expand internationally and has recently applied for a license in Brazil.
