The Philippines has experienced its greatest gross gambling revenues (GGR) ever, bringing in a record $7.2B (410B PHP) in 2024, as new figures show. This staggering number is a full 25% increase in revenues over the same period in 2023. The sector’s growth has exceeded even the wildest predictions from those in the industry. It’s iGaming that’s really turning up the revenues, with key to this growth are the attractive incentives offered by online casinos.
Promotions like free spins with no deposit required are among the most exciting offers, drawing in new players and fueling user activity across platforms. As iGaming cements itself as a cornerstone of the Philippine economy, its ripple effects are being felt in employment, tourism, and tech innovation.
A New Era in Gambling
The gains in gambling revenues within the Philippines are no outlier when you’re taking a look at international trends. In almost all markets around the world, we’ve seen revenues climbing at huge rates, after a bit of a stumble post-Covid. As more gambling platforms come online, and more people have access to mobile gaming on their smartphones, it’s no surprise that markets like the Philippines are lighting up.
The Philippine Amusement and Gaming Corporation (PAGCOR) is the body that oversees all gambling operations within the Philippines. PAGCOR is in charge of all licenses for both land-based and online gambling operations that can operate in the country. This includes bingo, casino games, sports betting, poker, number games, and other games as outlined by PAGCOR.
New Changes in Gambling Regulations
On December 15th, 2024, PAGCOR issued an immediate notice that all offshore Internet Gaming Licensees and Authorized Providers were cancelled, due to the ban of Philippine offshore gaming operations under Executive Order No. 74.
Known as POGO operations – Philippine Offshore Gaming Operators – companies had been on notice since July 2024 that new rules were soon to come into effect. The new ban comes into effect thanks to a study by the Department of Finance showing that the risks and negative impact of these operations outweigh the financial benefits.
Instead, iGaming operations licenses will now only be issued to on-site gaming operators, where these operators make an application and comply with the rules of service. This is similar to many other gambling license issuance configurations in other parts of the world.
To offset the impact, the taxes collected from iGaming are now lower than previously. Back in 2023, the taxes stood at 50-55% of gross gambling revenue, whereas now, since January 1st, 2025, gross gambling revenue is only taxed at a rate of 30%.
Where to in 2025?
The removal of offshore licensed gambling operations from the gambling portfolio of the Philippines is sure to make an impact on revenues, however, this may be dulled by tax breaks and a ramp up of online operations by land-based operations.
This is a deliberate strategy to ensure that funds stay within the country, rather than head to overseas operators running strictly online businesses. However, if other countries are anything to go by, we’re likely to see a big range of new partnerships, deals, and acquisitions. This is a necessity, as operators seek to boost their capabilities with the right technologies, guardrails, and experience in the industry.
For instance, over in the United States, once states began issuing licenses to land-based casinos, these casinos started bringing in talent and experience from companies in the UK, who have deep experience. In the UK, the gambling market is heavily regulated, mature, and thriving.
Companies operating within the UK must keep up with stringent rules and laws surrounding gameplay, advertising, and responsible gambling. This means that companies operating within the space are familiar with the agility needed to navigate a constantly shifting industry.
The Philippines is Looking to Set a Precedent
Part of PAGCOR’s mission is to become the leading gambling authority in Asia Pacific by 2028. While this is an ambitious proposition, it’s not without merit and could be achievable for the country. They are striving to be innovative, proactive, and socially responsible, and the removal of offshore gambling regulations proves that they are taking their premise seriously.
As gambling markets grow around the world and industries mature, we’re likely to continue to see a thriving international environment. Thanks to new technologies, games will continue to delight players with the chance of a win, while governments seek to balance their taxation for the best benefit for their people – without deterring too many operators.
While 2025 will be an interesting year to see what unfolds for the GGR in the Philippines, any plateau in growth will no doubt soon be replaced by another acceleration. We are likely to see increases in adoption and market conditions becoming more favorable to both operators and players alike.