Philippines president declines permanent POGO ban law
After deciding to ban all POGO operations, the president of the Republic of the Philippines decided not to support the transformation of the ban into a permanent law.
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Philippines reports strong Q3 with $1.61B
The Philippine Amusement and Gaming Corporation, PAGCOR, shared the country’s gambling sector’s Q3 results, highlighting the rise of its GGR by 37.5%, driven mostly by iGaming.
Being an archipelagic country in Southeast Asia, the Philippines has almost 50 casinos. Despite a small decline in revenues, these casinos are the biggest contributor to the gaming sector, as they generated PHP 50.72 billion, which equals $860 million in GGR.
Alejandro H. Tengco, the PAGCOR’s chairman and chief executive officer, commented:
“In fact, by year-end, we expect this sector to generate as much as PHP 78 billion in license fees alone, substantially contributing to the realization of our PHP 100 billion revenue target for 2024.”
Similarly, PAGCOR-operated Casino Filipino properties saw a 26.3% decline, earning PHP 3.64 billion, which equals $62 million. This is less than 4.94 billion in Q3 2022.
iGaming and bingo markets of the Philippines
Next to 50 casinos stands the strong market of iGaming, which saw a 464.4% increase when compared to Q3 2023. Bingo operations also faced challenges, generating PHP 4.52 billion, which equals $77 million. This is a decline of 19.4% when compared to the PHP 5.61 billion reported in Q3 2023.
Recently, the Philippines president signed the ban bill for all POGO operations.
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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