Philippines Posts Record ₱410 Billion in Gaming Revenue in 2024
The Philippine gaming industry reached a new high in 2024, generating ₱410.47 billion in gross gaming revenue (GGR) including offshore operations. Official figures from PAGCOR show that the regulated sector alone brought in ₱372.33 billion—up 30.52% from the previous year—driven by a sharp rise in online gaming and continued strength in land-based casinos.
Land-Based Casinos Remain Key Revenue Driver
Land-based casinos remained the dominant source of GGR in 2024, contributing ₱201.83 billion or 54.20% of the total. PAGCOR Chairman and CEO Alejandro H. Tengco emphasized the sector’s importance in a statement:
“This GGR feat underscores the crucial role of licensed casinos in sustaining the growth momentum of the Philippine gaming sector. They remain as our biggest revenue drivers and a major source of government funding for socio-civic programs”, he said.
Online Segments See Triple-Digit Growth
The most significant shift came from the E-Games and E-Bingo segments, which grew by 165.66% year-on-year, jumping from ₱58.16 billion in 2023 to ₱154.51 billion in 2024. These online products now account for 41.51% of total GGR, reflecting a growing consumer shift toward digital platforms.
“The significant leap in E-Games and E-Bingo revenues shows that the industry is evolving rapidly, and PAGCOR is committed to ensuring that we keep pace with technological advancements while promoting responsible gaming,” Chairman Tengco noted.
Meanwhile, PAGCOR-operated casinos brought in ₱15.97 billion, making up 4.29% of total revenue.
Revenue Growth Fuels Government Contributions
The spike in GGR had a direct impact on PAGCOR’s overall financial results. Total revenues rose by 40.74%, from ₱79.37 billion in 2023 to ₱111.71 billion in 2024. Contributions to nation-building followed suit, climbing 37.61% to ₱68.20 billion.
Net income nearly tripled—up 146% to ₱16.76 billion from ₱6.81 billion the previous year. With the inclusion of ₱8.45 billion in cash dividends from net income, total contributions to the national government amounted to ₱76.66 billion.
“With a bigger GGR base, we’re looking at a stronger multiplier effect—more jobs, more investments, and more public funds for social programs,” Tengco commented.
An Industry in Transition
Although offshore gaming was officially ordered to cease operations by the end of 2024, it still added ₱38.14 billion to the industry total. The removal of this revenue stream will reshape the sector’s composition going forward, but PAGCOR remains focused on adapting to new opportunities.
“The Philippine gaming industry isn’t just growing—it’s evolving, and with it comes greater responsibility and opportunity,” the PAGCOR chief concluded.