20-7-2023 (MANILA) The Philippine Amusement and Gaming Corporation (Pagcor) has announced its plan to enter the online gaming market, in a bid to expand its customer base and attract offshore gamblers. According to the gaming regulator and operator, Pagcor earned PHP16 billion ($293 million) in 2022 from its 41 physical casinos, contributing to the country’s gross gaming revenues of PHP214 billion ($3.9 billion). The move comes as the global online gambling market is set to reach $63.53 billion in 2022, with a projected compound annual growth rate of 11.7% from 2023-2030, according to a study by consulting firm Grand View Research.
Pagcor Chairman Alejandro Tengco made the announcement during the SiGMA Asia gaming conference, stating that “online gaming offers an opportunity to tap into new markets and diversify its customer base”. The corporation’s decision to enter the online gaming industry follows its 2020 decision to allow integrated casino-resorts to accept online bets in response to the COVID-19 pandemic.
There are currently 32 offshore gaming companies legally operating in the Philippines, catering mostly to Chinese clients. The gambling scene in Manila, which includes a smaller version of the Las Vegas gaming strip, is home to integrated casino resorts like Japan’s Universal Entertainment Corp and Melco Resorts & Entertainment Ltd, attracting high rollers from countries such as China, Japan, and South Korea.
