Philippine E-Gaming Sector Sees Unprecedented Growth in 2023
The Philippine Electronic Gaming industry experienced remarkable growth in 2023, with revenues nearly doubling due to significant policy reforms, as reported by Alejandro Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR).
A Phenomenal Year for E-Gaming
During a panel interview at the ICE London 2024 Conference, Chairman Tengco highlighted the exceptional performance of the E-Gaming sector in the Philippines. The sector, encompassing e-games, e-bingo, specialty games, and sports betting, saw an increase of over 90% in online gaming activities compared to 2022.
This surge resulted in a record contribution of Php58.16 billion to the country’s gross gaming revenues (GGR) in 2023, marking a 92.32% increase from the Php30.24 billion earned in the previous year.
This achievement not only signifies a rebound from the pandemic’s impact but also sets a new record, surpassing the previous high of Php32.24 billion in GGR recorded in 2019.
ICE London 2024: A Global Gaming Hub
The ICE London Conference, where Chairman Tengco shared these insights, is renowned as the Global Gaming Hub for B2B industry experts. The event serves as a pivotal platform for leaders in the gaming industry to discuss their successes, initiatives, and future visions. Originally known as the “International Casinos Exhibition,” ICE has become the foremost destination for industry innovation, collaboration, and networking.
Under Chairman Tengco’s leadership, PAGCOR has reached significant milestones, including the licensing of over 1,000 E-Gaming sites in 2023, with more applications expected. This growth underscores the Philippine E-Gaming sector’s potential and PAGCOR’s commitment to fostering a sustainable and dynamic gaming industry.
Commentary: A Bright Future for Philippine E-Gaming
The remarkable growth of the Philippine E-Gaming sector in 2023 highlights the effective policy reforms and strategic initiatives implemented by PAGCOR. As the industry continues to set new records and expand its global footprint, the future looks promising for stakeholders and participants in the Philippine E-Gaming landscape.
This upward trend not only contributes significantly to the country’s economy but also positions the Philippines as a key player in the global gaming market.
