The array of online gaming platforms launched by the Philippines’ integrated resort operators will place increasing pressure on industry leader DigiPlus Interactive Corp, said Abacus Securities Corp in a Tuesday note.
However, DigiPlus should maintain its strong overall positioning due to a superior product and wider user base, the brokerage added. The analysis was reported by local media outlet The Manila Bulletin.
Previewing the 2Q26 earnings of DigiPlus, Abacus Securities analysts explained that rising competition in the market would primarily impact the company’s margins, stating, “Competition … has been becoming more fierce with new players beginning [their] operations in the online gaming space through their own online gaming platform, like [Bloomberry], or through a third-party provider, like [PhilWeb],” they wrote.
“This is likely going to slowly eat into the market share for PLUS and will push the company to continue its A&P (advertising and promotion) spend to build and maintain its customer base.”
As reported by Inside Asian Gaming, a majority of Philippines integrated resorts have launched online gaming platforms, with Bloomberry leading the way via its premium platform Solaire Online and recently re-launched FUnaloMAX.
Hann Casino Resort, Newport World Resorts, Okada Manila and NUSTAR have all engaged PhilWeb Corp to run online gaming platforms on their behalf.
Despite the increasing competition, Abacus Securities observed that DigiPlus retains an edge in terms of quality and reach – at least in the short-term.
“The arrival of more casino operators raises competitive pressure, but DigiPlus remains the incumbent leader,” it said. “The near-term impact is likely more on margins than on revenue dominance, while the long-term winner will be the company that best balances customer acquisition, retention, and regulatory compliance.”
COL Financial Senior Research Analyst Richard Laneda added in a briefing, “I’m sure the new entrants would have an impact competition-wise. [But] I think DigiPlus will still have an edge because of the wider user base, [a] better platform, better user engagement, [and a] better experience on the online gaming platform versus new entrants.”
On DigiPlus’s 2Q26 earnings prospects, Abacus Securities said it expects the company to have been impacted by the delinking of online gaming platforms from e-wallets last year and the ongoing Middle East war.
“Second-quarter GGR is likely to trend close to its trajectory in the fourth quarter of 2025 and first quarter of 2026, given that consumer spending has also taken a hit from the impact of the Iran war, as earlier indicated by PAGCOR,” it stated.
“This will result in about a 20% to 25% decline in revenues year-on-year given the higher base.”
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