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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.
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.
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