Philippines gambling sector projected to reach record $6 billion revenue in 2024

The Philippine gambling industry is projected to hit $6.03 billion (over 350 billion pesos) in revenue this year, as Manila's gambling scene continues attracting high-rollers from China, Japan, South Korea, and other countries. The figure would represent a new all-time record for the Asian nation.

Alejandro Tengco, Chairman of the Philippine Amusement and Gaming Corp (Pagcor), the country's gaming regulator, said on Tuesday that growth is being driven by the electronic gaming sector.

The forecast surpasses the 334 billion pesos target previously set by the body for 2024, while also representing a 23% increase from 2023's gross gaming revenue (GGR) of 285 billion pesos.

“Our GGR for the year, I think it’s over 350 billion pesos,” said Tengco, as per a Reuters report. GGR reflects the total amount wagered by players minus their winnings.

Manila’s gambling sector, featuring a smaller version of Las Vegas’s amusement strip with integrated casino resorts owned by companies like Japan’s Universal Entertainment Corp and Melco Resorts & Entertainment, continues to attract high rollers from China, Japan, South Korea, and other countries.

Tengco also announced that Pagcor is on track to revoke all licenses of offshore gambling firms by year-end. “From 48, as of November 30 we’re down to about 13 and by December 15 it will be zero,” he said.

The move seeks to comply with President Ferdinand Marcos Jr’s July directive banning Philippine offshore gambling operators, commonly known as POGOs. Any POGOs still operating from 1 January would be deemed illegal, Tengco added.

The ban was prompted by reports of POGO-related crimes, including human trafficking, torture, kidnapping, and fraudulent activities such as credit card scams and cryptocurrency investment fraud.

The online gambling industry emerged in the Philippines in 2016, rapidly expanding as operators leveraged the country’s liberal gambling laws to target China customers, where gambling is illegal.