It’s not every day that a regulatory move can change an entire industry’s rhythm, but that is exactly what happened when e-wallet giants like GCash and Maya removed links to gambling sites earlier this year.
Photo by Arturo Añez on Unsplash
This development came after the Bangko Sentral ng Pilipinas (BSP) ordered financial platforms to tighten controls surrounding online betting, a step meant to promote responsible spending, reduce online risks, and control what had become a blurry space between payment and play.
Since then, the Philippine Amusement and Gaming Corporation (PAGCOR) has confirmed a 49% dip in its online gaming revenue, which shows just how dependent the sector has become on easy e-wallet access.
In a House committee hearing, PAGCOR Assistant Vice President Jessa Mariz Fernandez said that the drop came soon after the BSP directive took effect. Monthly income fell from PHP 5.7 billion in May to PHP 2.9 billion in September, she noted, but she added that the regulator expects things to stabilize once new rules and clearer systems are introduced.
These new measures, now being finalized by the BSP, will include limits on betting amounts, gaming top-up restrictions, and a ban on gambling ads within financial apps. The use of online loans for gambling will also be prohibited.
While these adjustments sound strict, regulators say that they are designed to create balance: keeping gaming accessible but making sure that players stay protected.
Still, the shift hasn’t really stopped Filipinos from playing altogether. Instead, they simply found new ways to play, this time through regulated international platforms that emphasize accessibility, security, and transparency.
It’s this mindset that is driving Filipinos to explore alternatives as they seek where to find licensed Kuwaiti casinos, for example, that are fully licensed and regulated outside of the country. Not only do these sites offer players a much bigger gaming library and a wider range of bonus options, but they also provide multiple payment options. For example, players can use e-wallets like PayPal, cryptocurrencies like Bitcoin, and traditional banking options like credit and debit cards. Unlike the latest regulations, these sites are not limited and cater to player preferences.
A study by Inside Asian Gaming backs this up and explains why players are looking for these types of alternatives. Researchers found that most Filipino online gamblers still highly prioritize safety and legitimacy when they choose where to play. The researchers noted that players don’t see regulation as a restriction, but rather, a type of protection to help ensure fairness while keeping scams at bay.
That focus on trust has become even more crucial in recent months. The viral AI-generated video of comedian Pokwang falsely promoting a gambling app was a wake-up call; a reminder that transparency now matters as much as access.
In response, fintech players are stepping up as well. The Fintech Alliance Philippines (which includes GCash and Maya) said that it supports the BSP’s push to strengthen consumer safeguards, calling it a joint effort to “protect Filipino consumers” and promote responsible innovation.
PAGCOR’s revenue drop isn’t just a number; it’s proof of how quickly regulation can affect a fast-moving digital market. For now, the BSP’s directive may have slowed things down, but it is also forcing the industry to evolve with clearer rules, safer systems, and stronger cooperation between fintechs and regulators.
For PAGCOR, this moment could serve as a reset; a chance to adapt, rebuild trust, and strengthen accountability in an industry that is learning to play by new rules.