PH e-gaming industry growth nearly doubles in previous year

THE Philippine electronic gaming (e-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 Corp. (Pagcor) Chairman and Chief Executive Officer Alejandro Tengco.

PH e-gaming industry growth nearly doubles in previous year

Speaking during a panel interview at the ICE London 2024 Conference in London last February 6, Tencgo said, “There was a phenomenal rise of over 90 percent in online gaming activities in 2023 compared to the previous year.”

The e-gaming sector, which includes eGames, eBingo, specialty games and sports betting, contributed P58.16 billion to the country’s gross gaming revenues (GGR) in 2023, or 92.32 percent higher than its earnings of P30.24 billion the year before.

The e-gaming contribution to 2023 GGR is also a new record, surpassing the previous high of P32.24 billion posted in 2019 before the pandemic outbreak.

The ICE London 2024 Conference is known as the Global Gaming Hub for all B2B industry experts that provides an ideal platform for gaming industry leaders to share their achievements, initiatives and vision for the future.

ICE historically stands for “International Casinos Exhibition” and serves as the premier destination for industry innovation, collaboration and networking.

Earlier, Tengco said Pagcor reached another milestone in 2023 with more than 1,000 licensed e-gaming sites with more applications in the pipeline.

More policy tweaks 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 P61.75 billion in revenues in 2024.