Philippine Gaming Revenue Hits Record Levels in 2024

Net Income Growth

Pagcor’s GGR projection for 2024 is PHP 350 billion (USD 6.03 billion) a big jump from PHP 285.27 billion in 2023. That’s a 23% year-on-year growth driven by the electronic gaming segment.

Tengco also forecast a near doubling of Pagcor’s net income for 2024 from PHP 12 billion to PHP 15 billion. In 2023, Pagcor’s net income was PHP 6.82 billion, a 53.3% increase from the previous year. By October 2024, Pagcor already reported a net income of PHP 9.63 billion for the first nine months of the year, a 98.1% growth from the same period in 2023.

Tengco commented, “I think the net income of Pagcor this year will be between PHP 12 billion to PHP 15 billion. I have a feeling it will almost double.”

Ban on Offshore Online Gaming

As revenue grows, regulatory measures are also changing the Philippine gaming landscape. President Ferdinand Marcos Jr. has ordered a total ban on offshore online gaming.

This directive was issued in July and includes revoking existing licenses, stopping license renewals and addressing illegal offshore gaming.

Tengco said Pagcor will implement this ban by end of the year. This is a big change in the gaming environment as Pagcor will focus on regulated and legal gaming in the country.

Historic Year

2024 is going to be a big year for Philippine gaming as revenue breaks records and regulatory measures change. Pagcor’s performance shows the industry’s growth and government’s move to fine tune for long term.