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The Philippine Electronic Gaming sector experienced significant growth 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.
Speaking during a panel interview at the ICE London 2024 Conference in London on February 6, Chairman Tengco highlighted a phenomenal rise of over 90% in online gaming activities in 2023 compared to the previous year. I Photo: PAGCOR
Speaking during a panel interview at the ICE London 2024 Conference in London, Chairman Tengco highlighted a phenomenal rise of over 90% in online gaming activities in 2023 compared to the previous year.
The E-Gaming sector, which includes e-games, e-bingo, specialty games, and sports betting, contributed Php58.16 billion to the country’s gross gaming revenues (GGR) in 2023, marking a 92.32% increase from its earnings of Php30.24 billion the year before.
This contribution to 2023 GGR also set a new record, surpassing the previous high of Php32.24 billion posted in 2019 before the pandemic outbreak.
The ICE London 2024 Conference serves as the Global Gaming Hub for all B2B industry experts, providing an ideal platform for gaming industry leaders to share their achievements, initiatives, and vision for the future.
Historically standing for “International Casinos Exhibition,” ICE facilitates industry innovation, collaboration, and networking.
Chairman Tengco also noted that PAGCOR reached another milestone in 2023 with over 1,000 licensed E-Gaming sites, with more applications in the pipeline. He attributed this growth to policy changes implemented by the current management, including approved reductions in licensing rates, which contributed to the spike in approved sites.
“The E-Games sector’s notable performance positively impacted not only the local gaming industry but also PAGCOR’s revenue generation efforts,” Chairman Tengco emphasized.
With further policy tweaks, including additional reductions in licensing rates, and the growing integration of technology in gaming, the E-Games sector is projected to continue fueling the growth of the local gaming industry, with expected revenues of Php61.75 billion in 2024.
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