PAGCOR Sees Online Gaming Revenue Plunge

Impact of E-Wallet Ban on Revenue

PAGCOR noted that the prohibition on e-wallet payment methods, implemented in August, has “significantly depressed income opportunities” for licensed operators. The offshore gaming sector, regulated under PAGCOR, saw the first-month effect of the rules coinciding with a downturn in performance. Jessa Fernandez, Assistant Vice President for offshore gaming licences at PAGCOR, said:

“Now that we are implementing an initial minimum deposit, we have also observed that more players or patrons are refusing to continue playing with legal online gaming operators.”
The restriction has also impaired operators’ marketing reach and has limited channels through which active players can deposit funds. Without e-wallets, fewer patrons engage with regulated brands, shifting volume to the unregulated market. The impact extends beyond deposit behaviour to affect overall engagement and volume.

Regulatory Outlook and Industry Implications

The regulatory tightening coincides with heightened political and societal pressure on online gaming in the Philippines. While President Bongbong Marcos has so far resisted outright bans, religious and political voices are calling for further action. If the regulated market is scaled back, the country risks losing tax revenue and a predictable framework that channels activity into legal operators.

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The restrictions implemented by PAGCOR could set a precedent for other jurisdictions seeking to curb online gaming via payment-method controls. For operators targeting the Philippines, adapting deposits and marketing strategy will be critical in mitigating short-term losses and preserving licence viability.