Philippines’ gambling revenue hits record $7.16B in 2024
The Philippines hit a record in 2024, reporting PHP410 billion ($7.16 billion) in gross gambling revenue (GGR), marking a 24.6% increase when compared to 2023.According...
Philippines’ Central Bank to restrict gambling transactions
The central bank of the Philippines, the Bangko Sentral ng Pilipinas (BSP), has introduced new policy recommendations that could limit gambling-related services in the country.
Under the proposed rules, banks and electronic money issuers (EMIs) can run digital marketplaces, offering both their own products and those from third-party vendors. However, anything connected to online casinos, sports betting, and electronic gaming will be strictly limited.
This move comes after the Philippines was removed from the Financial Action Task Force (FATF) grey list, where it had been since June 2021. To exit the list, the country had to tighten financial regulations, particularly in high-risk sectors like gambling.
However, not everyone supports this idea. PAGCOR Chairman Alejandro Tengco criticized the central bank for not consulting the agency before introducing the rules. In 2023, iGaming contributed PHP 48.79bn (€788m) to the government, and any restriction has the potential to damage the market.
Next to new stricter rules, the pressure for a total online gambling ban continues to advance. Lawmakers and advocacy groups argue that the industry is linked to money laundering, fraud, and human trafficking. Some, including Senate leaders, are calling for POGOs to be shut down.
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.
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