The Philippine gaming regulator, PAGCOR, is planning to venture into the online gambling market in 2024, a significant shift from its traditional focus on brick-and-mortar casinos.
PAGCOR’s decision is driven by the growing popularity of online gaming, which has seen a surge in the number of people gambling online in the Philippines and worldwide. In fact, the Philippine online gambling market was valued at $2.5 billion in 2022.
With the aim of capturing a substantial share of this market, PAGCOR is currently developing its own online gambling platform. The company believes that offering a safe and regulated platform will attract players to its services.
The entry of PAGCOR into online gambling has several implications:
- Increased availability of online gambling in the Philippines may lead to a rise in problem gambling.
- The company expects to generate approximately $1 billion in annual revenue from its online gambling operations.
- The Philippines becomes a more appealing destination for foreign investment in the online gambling industry.
- PAGCOR’s online gambling operations could outcompete other operators, potentially forcing some out of the market.
Overall, PAGCOR’s foray into online gambling has positive aspects for the Philippine gambling industry. It offers greater accessibility to online gambling, generates new government revenue, and attracts foreign investment. However, it is essential to be mindful of potential risks associated with this move, particularly an increase in problem gambling.
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