PAGCOR has lauded a significant period of growth, as it recorded a 42% year-over-year revenue increase for the first nine months of 2024.
In total, the group landed Php79.43bn (US$1.36bn) of revenue as the Philippines’ gambling sector navigates a new regulatory landscape.
The set of results underlined the significant growth of the country’s thriving online gaming sector, which reported 25% of the total revenue for the nine-month period.
Alejandro Tengco, PAGCOR Chair and CEO, stated: “Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our Php100bn revenue target by year-end.
“From our total contributions to nation-building, Php33.2bn ($570m) went to the National Treasury as 50% government share. Half of the remittances to the national coffers, or Php16.6bn ($285m), has been earmarked for PhilHealth to fund the Universal Healthcare Law.”
The PAGCOR has recently taken significant steps to shift the allure away from the grey market and bring operators closer to the regulated space.
One of the key developments for the Philippines was its decision to reduce fees for operators by 2025. The move was confirmed by Tengco during a Keynote Address at the IAG Academy Summit, where he revealed they will be dropped to 25%.
Furthermore, as the regulatory framework in the region continues to evolve, he added that they will decrease fees to 30% for other integrated resorts and land-based operators.
It comes as the country is taking significant steps to clean up its gambling sector and tackle the black market, with licensed integrated resorts set to see a reduction of 10% in charges on GGR.
Speaking at the Summit, Tengco stated his ambitions that it “encourages operators away from the grey markets and to embrace the mainstream”, as he unites with governmental forces to bolster the crackdown on illegal operations in the region.