Reflecting an amazing 41% rise from the PHP79 billion of the year before, the Philippine Amusement and Gaming Corporation (PAGCOR) has recorded a historic income of PHP112 billion ($1.92 billion) for 2024. With the latest incident in 2018 when PAGCOR produced PHP104.12 billion, this represents only the second time it has exceeded PHP100 billion in income.
Driven by the rising popularity of online gaming, this amazing financial milestone emphasizes the expanding impact of the gaming sector in the Philippines. The capacity of PAGCOR to exceed past income records shows the success of its strategic plans and legislative changes. Maintaining this increasing speed in the changing sector will depend on constant innovation and regulatory control.
Online Gambling as the Primary Revenue Driver
The explosion in internet gambling, which has now become PAGCOR’s main source of income exceeding land-based casino earnings, is a major component behind its record-breaking performance. The fast growth of digital gaming platforms has changed the business and significantly helps the agency to be generally financially successful.
With an amazing 116% year-on-year rise, E-Gaming and electronic bingo produced PHP46.79 billion. Now about half of PAGCOR’s overall income comes from this category, proving the increasing attraction of digital betting systems. At PHP33.07 billion, licensed land-based casino income stayed constant and accounted for 33.9% of all income.
The Role of Trusted Online Casino Platforms
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Decline in Casino Filipino and Offshore Gaming Revenue
While PAGCOR’s own Casino Filipino franchise suffered revenue declining by 16.2% to PHP12.67 billion, online gaming thrived. The drop indicates shifting consumer tastes as more gamers choose digital gaming alternatives over conventional, physical casinos.
Revenue from offshore gaming dropped by 5.1% meanwhile, coming out to be PHP2.99 billion. This decline aligns with the December 2024 ban on Philippine Offshore Gaming Operations (POGOs) decided upon by the government of the Philippines. The action was part of a larger initiative to guarantee regulatory compliance in the gambling sector and handle issues about illegal activity.
Record Net Operating Income and Government Contributions
Representing a 50.7% increase from the year before, PAGCOR also achieved a record net operating income of PHP84.97 billion. Following the distribution of money to several social and government projects, the agency noted a net revenue of PHP16.77 billion—a startling 146.3% rise from 2023.
PAGCOR’s income came largely from initiatives aimed at nation-building. While socioeconomic programs got PHP12.37 billion, the agency gave the government PHP46.32 billion. Further proving PAGCOR’s support of public projects were allocations for franchise taxes, corporate income taxes, and sports development projects.
These gifts highlight PAGCOR’s dedication to social responsibility and economic development. The agency is very important in funding public welfare programs and infrastructure projects by focusing major resources on critical sectors. The rise in income has also made possible more investments in responsible gaming programs, therefore guaranteeing that sector growth fits consumer protection. PAGCOR’s financial performance is expected to support national growth even as it keeps improving its regulatory structure, therefore benefiting communities all throughout the Philippines.
Commitment to Industry Growth and Regulation
Alejandro Tengco, PAGCOR Chairman and CEO, said he was proud of the agency’s outstanding financial performance and referred to 2024 as its most profitable year yet. He underlined how the high-income numbers have allowed PAGCOR to increase its support of government initiatives and highlight the part the gaming industry plays in economic development.
PAGCOR made a significant regulatory change at the start of 2025, lowering online gambling rates from 35% to 30%, therefore sustaining this increase. This choice corresponds with a past tax cut from over 50% to 35% in April 2023, which was rather important in drawing additional legal businesses to the market. Consequently, from 49 in 2023 to 174 in 2024 the number of accredited gaming service providers exploded.
Tengco emphasized how technology is revolutionizing the gaming industry and pointed out that PAGCOR’s financial success has come from E-Games’ spread. The agency is still dedicated to creating a controlled and safe digital gaming environment and stopping illicit operations.
The Future of PAGCOR and the Philippine Gaming Industry
The record-breaking income of PAGCOR points to a significant change in the Philippine gaming scene as online gaming becomes the main engine of expansion. The agency will probably keep improving its regulatory rules going forward to guarantee a balance between ethical gaming practices and sector growth.
Digital gaming platforms are projected to become even more important in the business as continuous technical developments arise. Rising certified service providers and declining online gambling costs point to a continuous expansion in the sector. PAGCOR’s support of government projects and preservation of industry integrity will become even more important as more players migrate to online gambling.
The extraordinary performance of PAGCOR in 2024 highlights the changing environment of the gaming sector in the Philippines. The agency has set itself for ongoing success in the next years by welcoming digital transformation while keeping a solid regulatory framework.