PH gaming revenues down in Q3 amid stricter regulations

?The Philippine gaming industry posted lower gross gaming revenues (GGR) in the third quarter of the year following online reforms and stricter rules on digital payments, the Philippine Amusement and Gaming Corp. (PAGCOR) said Tuesday.

Data released by PAGCOR showed that third-quarter GGR stood at P94.51 billion, down from P94.61 billion the same period last year. Electronic games continued to be the biggest driver as it grew 17% to P41.95 billion from P35.71 billion.

PAGCOR chairman and chief executive officer Alejandro Tengco noted, however, that the e-games growth was mainly due to the strong performance in July, which offset the decline in August and September when e-wallets were delinked from legitimate gaming platforms.

“The figures reflect an industry that is adjusting to necessary safeguards,” he said in an emailed statement.

“The delinking of e-wallets resulted in a short-term decline in activity toward the latter part of the quarter. However, these measures are vital to protect players and ensure secure, transparent transactions,” he added.

E-wallet service providers GCash and Maya in August unlinked from online gambling platforms, following the directive of the Bangko Sentral ng Pilipinas (BSP) as the country seeks to curb operations of the sector due to the alleged addiction of Filipinos.

Tengco also warned that while legitimate operators comply with the new rules, illegal online gambling sites continue to expand aggressively.

“These unauthorized platforms do not follow responsible gaming standards, do not pay taxes, and put players at risk of data theft and fraud. We urge the public to avoid illegal sites and to engage only with PAGCOR-licensed platforms,” he said.

PAGCOR-operated casinos saw an 11.6% drop to P3.22 billion, while licensed casinos declined by 10.2% to P45.56 billion. Bingo revenues likewise fell 16.2% to P3.79 billion.

Under its mandate, PAGCOR is required to regulate the gaming industry, generate revenues for the Philippine government's socio-civic and national development programs, and help promote the tourism industry. —VAL, GMA Integrated News