Philippines: E-gaming industry growth nearly doubles in 2023

The Philippine Electronic Gaming sector had a banner year in 2023 with revenues nearly doubling year on year due to policy reforms, according to Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro Tengco.

The E-Games contribution to 2023 GGR is also a new record, surpassing the previous high of USD 58 million posted in 2019 before the pandemic outbreak.

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Earlier, Chairman Tengco said PAGCOR reached another milestone in 2023 with more than 1,000 licensed E-Gaming sites – with more applications in the pipeline.

“Because of the policy changes implemented by the current management, there was a considerable increase in gaming sites. We also approved reductions in (licensing) rates that contributed to the spike in approved sites,” he said.

“The E-Games sector’s notable performance positively impacted not only the local gaming industry but also PAGCOR’s revenue generation efforts,” Chairman Tengco said.

More policy tweaks – including further lowering licensing rates – and the growing integration of technology in gaming should allow the E-Games sector to continue fueling the growth of the local gaming industry with its projected Php61.75 billion in revenues in 2024.