Senator Francis Escudero has introduced a new bill that aims to impose a blanket ban on gambling ads in the Philippines, which will cover TV, social media, radio, and print.
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The Philippine Amusement and Gaming Corp. (PAGCOR) reported 2024 revenues of US$1.91 billion, highlighting an increase of 40.7% when compared to 2023.
Before 2024, the highest revenue was recorded in 2019, with PHP 81.98 billion. This year, net operating income reached PHP 80.10 billion, up 51.9%, while net income, after PHP 68.21 billion in nation-building contributions, surged 146% to nearly PHP 16.77 billion.
Pagcor’s chairman, Alejandro Tengco, stated:
“We are proud to announce that our 2024 financial performance is the best so far in the history of Pagcor, and we thank our employees and stakeholders for making such an achievement possible”.
A significant part of this success is from the e-games and e-bingo sectors, which together contributed more than 50% of Pagcor’s gaming revenues, totaling PHP 48.79 billion.
Alejandro Tengco continued:
“The continuous growth of the e-Games sector is the key driver of Pagcor’s record-breaking performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
Pagcor’s E-Gaming Licensing Department estimates that gross gaming revenue from electronic games could reach PHP 160 billion in 2025. Despite the legal shutdown of POGOs in December, Pagcor’s diverse revenue streams continue to strengthen the company’s financial position.
FAQs
Is gambling legal in the Philippines?
Gambling is legal in the Philippines and regulated by the Philippine Amusement and Gaming Corporation (PAGCOR) and other local authorities.
What is the legal gambling age in the Philippines?
The legal gambling age in the Philippines is 21 years old for casino gambling and 18 years old for lotteries and other forms of betting.
