Philippine gaming regulator PAGCOR has reported an all-time revenue record of Php112 billion (US$1.92 billion) in 2024, bolstered by the phenomenal growth of the country’s domestic online gaming, or E-Games, segment.
Net income also grew by 146% year-on-year to Php16.8 billion (US$287 million).
According to the regulator’s 2024 financial accounts, the new revenue record represents a 41% increase over 2023 revenues and eclipses the previous record of Php82.0 billion (US$1.40 billion) achieved in 2019.
“We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR, and we thank our employees and stakeholders for making such achievement possible,” said PAGCOR Chairman and CEO Alejandro H. Tengco, noting that the E-Games and E-Bingo sectors contributed 50% of all revenue of 2024 gaming revenues.
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
PAGCOR explained that gaming operations and license fees remained the primary revenue sources in 2024, contributing Php97.5 billion (US$1.67 billion), while other revenue streams including business income and service fees added Php14.18 billion (US$243 million).
The licensed casino sector chipped in 33.9% or Php33.1 billion (US$567 million) while the agency’s Casino Filipino venues contributed 13.0% or Php12.7 billion (US$217 million).
The now defunct POGO offshore gaming sector also contributed Php3.0 billion (US$51 million).
PAGCOR said that the significantly higher revenues allowed it to increase its contribution to nation-building – a fundamental requirement under its charter – to Php68.2 billion (US$1.17 billion), up 37.6% compared with 2023.
This included Php46.3 billion (US$793 million) to the National Treasury, Php4.87 billion (US$83 million) in franchise taxes, Php1.09 billion (US$19 million) in corporate income taxes to the Bureau of Internal Revenue, Php2.31 billion (US$40 million) to the Philippine Sports Commission, and Php12.37 billion (US$212 million) to fund socio-civic programs under the Office of the President, among other contributions.
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