DFNN said gross bets on its local online gaming platform surged 64.56 percent in 3Q21, fuelled by Covid lockdowns in the Philippines.
The company said gross bets on its InPlay.ph unit reached PHP1.43 billion ($28.2 million) in the quarter, up from PHP869 million in the prior quarter. For the nine months to end-September, gross bets were PHP6 billion.
3Q21 gross gambling revenue was up 60.8 percent at PHP64.3 million, up from PHP40 million in 2Q21.
The company said revenue from the unit, which is offering online games to local Filipinos through a so-called PIGO license, had been on an upward trajectory since its launch.
“As lockdown measures ease and more gaming outlets reopen, it is projected that revenue from these outlets will start to improve and thus consolidated revenue figures at year-end are seen to be positive for the first time since March 2020.”
DFNN was awarded the first license to operate domestic online gambling in December last year as the government sought ways to make up for shortfalls in revenue from the exit of Philippines Offshore Gambling Operators (POGOs) and the closure of its casino industry.
Initially, the offering was limited to VIP players only. However, the Philippines Amusement and Gaming Corp (PAGCOR) subsequently allowed opening to a wider player base.
DFNN CEO Calvin Lim said at the time that the expansion to the mass market was a major step forward in the development of the industry in the Philippines.
“The whole mass market that we’re supposed to target are not your VIP players so the regulator was very fast in recognising that and changing the law to allow the mass market player to register and to be able to play and that’s fantastic,” he told AGB in an interview.
