Capitalists And Money

PAGCOR says e-gaming sector yields P58.16 billion

THE COUNTRY’S electronic gaming sector generated P58.16 billion in revenues in 2023, the Philippine Amusement and Gaming Corp. (PAGCOR) said on Monday.

“There was a phenomenal rise of over 90% in online gaming activities in 2023 compared to the previous year,” PAGCOR Chairman Alejandro H. Tengco was quoted as saying in a statement.

Data from PAGCOR showed that the e-gaming sector recorded P58.16 billion in revenues in 2023, up by 92% from the P30.24 billion in the previous year. This comprises e-games, e-bingo, specialty games, and sports betting.

“The e-games contribution to 2023 gross gaming revenues (GGR) is also a new record, surpassing the previous high of P32.24 billion posted in 2019 before the pandemic outbreak,” PAGCOR added.

Mr. Tengco said that PAGCOR also recorded 1,000 licensed e-gaming sites last year, with more pending in the pipeline.

“Because of the policy changes implemented by the current management, there was a considerable increase in gaming sites. We also approved reductions in (licensing) rates that contributed to the spike in approved sites,” he said.

“More policy tweaks — including further lowering licensing rates — and the growing integration of technology in gaming should allow the e-games sector to continue fueling the growth of the local gaming industry with its projected P61.75 billion in revenues in 2024,” PAGCOR added. — Luisa Maria Jacinta C. Jocson