The Philippine gaming industry posted strong revenue for the second quarter. Per the state-run Philippine Amusement and Gaming Corp. (PAGCOR), GGR for the period rose 32.32% percent, to P89.23bn (£1.22bn/€1.428bn/$1.563bn). The figure represented a quarter-on-quarter increase of 9.21%.
Land-based casinos generated P49.48bn in revenue, down from P51.7bn last year. PAGCOR’s owned-and-operated casinos, under the Casino Filipino brand, added P4.2bn, down 14.7% from the same period in 2023. Bingo contributed P4.69bn, also down from P5.85bn last year.
E-games up more than 500%
The standout performer was the electronic gaming sector, which grew 525% over last year, to almost P31bn.
The sector “continues to surpass targets,” said PAGCOR chief Alejandro Tengco. E-games could help compensate for “any shortfall resulting from the president’s order banning offshore gaming operations.”
Last month, President Ferdinand Marcos Jr. banned POGOs. Marcos ordered the industry to cease operations at once, and wind down permanently by the end of 2024.
Impacts of POGO ban
POGOs, first introduced in 2016, have been repeatedly linked to online scams, human trafficking, money laundering and murder. The ban means the loss of P20bn in annual revenue. But POGO critics say it cost almost as much to monitor the crime-ridden industry.
It’s been reported the shutdown will leave up to 30,000 Filipinos out of work, and decimate the real estate rental market.
Blood and money: E-sabong for revenue?
Several lawmakers sparked outrage by suggesting the government generate additional revenue by regulating e-sabong, or online cockfighting.
Deputy speaker and Quezon Rep. David Suarez said cockfighting, including e-sabong, could be a big moneymaker. “How can we properly … regulate this in such a way where the government can earn income?” he asked.
At a PAGCOR budget meeting, Rep. Marissa Magsino seconded the proposal.
E-sabong is “happening everywhere,” she said. “It’s better to just make it legal rather than keep it illegal and we’re not gaining anything from it.”
The Philippine Inquirer called the idea “outrageous.” It cited the 2021 disappearance of 30-plus “sabungeros,” or cockfight organizers, who reportedly clashed with industry kingpins. In 2022, the blood sport was banned by then president Rodrigo Duterte. The missing were never found.
The idea of reinstating legal e-sabong is “a terrifying reminder of our politicians’ short memories,” the editors wrote. It would simply substitute one crime-laden platform with another that is “intrinsically linked to human trafficking, torture and scams.
“Talk about jumping out of the frying pan into the fire.”
Original article: https://igamingbusiness.com/finance/quarterly-results/philippine-gaming-revenue-up-almost-one-third/
