The Philippine Amusement and Gaming Corp (PAGCOR) is trying to grow its pool of customers and lure in rich offshore gamblers by becoming a part of the lucrative online gaming world by launching its own e-gambling operations next year.
Gambling activities are legal in the Southeast Asian country. The gaming regulator earned a whopping $293 million in 2022 from its 41 physical casinos, bringing the Philippine gambling industry a substantial gross gaming revenue of $3.9 billion.
Online gaming presents a huge opportunity as it allows the regulator to tap into new markets and diversify its customer base, PAGCOR Chairman Alejandro Tengco mentioned at the SiGMA Asia gaming conference.
PAGCOR is a government-owned and controlled corporation under the office of the Philippine president. A boost in the revenues of the regulator is beneficial for the country too as the bulk of its earnings form part of the national budget.
Keep Reading
The plan to take a slice of the multi-billion dollar online gaming industry follows PAGCOR’s decision in 2020 to allow integrated casino-resorts operating in the country to take online bets to better cope with the COVID-19 pandemic that had brought almost everything to a standstill.
The Philippines has 32 legally operating offshore gaming companies that cater mostly to Chinese clients. The gambling scene in the capital Manila, which includes a smaller version of the gaming strip in Las Vegas, attracts high rollers from China, South Korea and Japan.
