The exponential growth in the electronics gaming (E-games) sector helped push the local gaming industry’s gross gaming revenues (GGR) to grow 37.52% in the third quarter to P94.61 billion from P68.79 billion year-on-year.
The Philippine Amusement and Gaming Corporation (PAGCOR) said E-Game sales increased more than fivefold, generating P35.71 billion in revenues compared to last year’s P6.32 billion.
“The Electronic Gaming sector recorded a phenomenal increase of 464.38% from last year,” said PAGCOR chairman and CEO Alejandro H. Tengco.
“This impressive performance is a strong indication that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming.”
The PAGCOR chief said he is optimistic that the E-Games sector will continue to flourish as technology becomes an integral part of people’s lifestyles, including shopping, gaming, and entertainment.
“In fact, by year-end, we expect this sector to generate as much as Php78 billion in license fees alone, substantially contributing to the realization of our Php100 billion revenue target for 2024,” Mr. Tengco said.
The country’s licensed casinos remained the most significant contributor to the third quarter GGR, bringing in P50.72 billion despite a 2.27% revenue decline compared to last year’s P51.90 billion.
Casino Filipino gaming venues operated by PAGCOR brought in P3.64 billion, 26.32% lower than the 2023 record of P4.94 billion.
Bingo operations contributed P4.52 billion to the GGR, which was also 19.43% lower than the 2023 third-quarter revenue of P5.61 billion.