Newly released data reveals an impressive surge in the Philippine’s GGR and Q1 sales, with E-Games making a noteworthy contribution to the overall growth.
The Philippine Amusement and Gaming Corporation (PAGCOR) has recently shared exciting news: the country’s first-quarter gross gaming revenues (GGR) have skyrocketed to PHP81.70bn (US$1.4bn). A robust rise of 18.54% in comparison to the PHP68.92bn (US$1.2bn) of the corresponding quarter of the previous year.
Chairman and Chief Executive Officer of PAGCOR, Alejandro H. Tengco, emphasized the dominating performance of the Electronic Games (E-Games) sector. Remarkably, it incepted a whopping PHP22.5bn revenue, more than sextupling the PHP3.5bn revenue accrued during Q1 2023.
Mr. Tengco shares, “The revenue growth from E-Games surpasses our initial forecasts, indicating how advancements in gaming technology and the surge in mobile device usage influence not only our routines but also our preferences for entertainment,”.
“As technology continues to sculpt our existence, business operations, and leisure pursuits, the future of gaming is unquestionably grounded in this sector,” he further elaborated.
Licensed casinos maintained their position as the highest contributors to the GGR, amassing PHP49.7bn, albeit a dip from PHP54.15bn year-on-year. Casinos operating under the Casino Filipino brand enjoyed by PAGCOR reaped in PHP4.69bn, slipping from last year’s PHP5.13bn. This drop underscores the challenges encountered due to a significant transition of players to online platforms.
In comparison, Bingo generated PHP4.81bn revenue, trailing behind the PHP6.13 billion reported during Q1 of 2023.
Notwithstanding these downturns in certain sectors, the total GGR for the first quarter of 2024 surpassed the former record of PHP80.12 billion set in the final quarter of 2023. The projected full-year GGR is slated to be PHP336bn, of which, the Q1 has already achieved over 24%.
This progress is encouraging, considering the Philippines’ aspiration to dethrone Singapore as the second-largest gambling hotspot in Asia. Moreover, 188Bet’s rebound implies an escalating trust in the regulatory environment of the Philippines.
