Online gaming revenue seen to double to P24 billion
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State-run Philippine Amusement and Gaming Corp. (PAGCOR) said gross gaming revenue of online gaming operations is targeted to more than double to P24 billion from only P11 billion in 2022.
Vallery Hache / AFP
MANILA, Philippines — The Philippines’ online gambling industry may earn P24 billion this year amid planned reforms to establish the country as a gaming destination.
State-run Philippine Amusement and Gaming Corp. (PAGCOR) said gross gaming revenue of online gaming operations is targeted to more than double to P24 billion from only P11 billion in 2022.
PAGCOR is currently in hot water following its new logo worth P3 million that got social media fired up and resulted in probe calls from lawmakers.
PAGCOR has yet to issue a formal statement on its logo fiasco, refuting claims of plagiarism in its new logo.
PAGCOR chairman and CEO Alejandro Tengco said the agency is undertaking gaming regulatory reforms to ensure that the industry becomes more responsive and address the sector’s accompanying social ills.
Tengco said these programs include the modernization of information and communication technology and cybersecurity infrastructure, including its casino management system and introduction of the Casino Filipino online.
Pagcor will also upgrade more than 3,000 electronic gaming machines (EGMs), as well as update the technical standards of the EGMs.
Likewise, PAGCOR has accredited gaming system service providers for traditional bingo, electronic bingo, electronic games, sports betting and e-billiards.
The gaming agency’s licensed casinos were recently allowed to use remote gaming platforms for their live casino games that cater to their registered casino players.
Amid its conflicting dual role as a regulator and operator, PAGCOR continues to move for the privatization of its Casino Filipino facilities.
Tengco said such a move would allow PAGCOR to grow and compete in both domestic and international markets through the infusion of new capital and advanced technologies which can facilitate expansions, upgrades and innovations.
“By focusing on its regulatory functions, PAGCOR will be able to avoid the complexities of running two different shows. It can also streamline its processes and create more revenues that will fund more high impact projects,” Tengco said.
Last year, PAGCOR generated P58.96 billion in revenues and P4.5 billion in net income. Its contribution to nation-building increased to P34.67 billion.
