iGaming drives Philippines GGR to $6.6 billion in 2025
The Philippine gaming industry posted gross gaming revenues (GGR) of PHP396.14 billion ($6.6 billion) in 2025, marking a 6.39 per cent increase from PHP372.33 billion ($6.2 billion) in 2024, according to the Philippine Amusement and Gaming Corporation (PAGCOR). The agency said the growth was largely fuelled by a surge in online and electronic gaming, which offset a notable decline in land-based casino revenues.
Data released by the regulator showed that the electronic and online gaming segment generated PHP201.12 billion ($3.4 billion), up 30.04 per cent year-on-year from PHP154.66 billion ($2.6 billion). This category includes E-Games, E-Bingo, bingo grantees, and both onsite and offsite poker operations.
“The E-Games and online gaming segment accounted for 50.77% of total industry GGR,” Alejandro Tengco, PAGCOR Chairman and CEO, said. “It has overtaken licensed casinos as the largest GGR contributor.”
Land-based revenue dips
The shift marks a structural change in the Philippine gaming landscape, where traditional brick-and-mortar casinos have long dominated. Revenues from licensed casinos fell by 9.58 per cent to PHP182.50 billion ($3 billion) in 2025, down from PHP201.84 billion ($3.4 billion) a year earlier. PAGCOR-operated casinos saw an even steeper decline, with revenues dropping 20.95 per cent to PHP12.52 billion ($208.7 million).
Tengco said the figures reflect a broader evolution in consumer behaviour and industry dynamics. “The increase in electronic gaming revenues shows how the industry has evolved,” he said. “Online gaming is no longer a supplementary segment but has now become the leading driver of overall GGR growth.”
Impact of e-wallets delinking
Despite strong annual performance, the online segment faced headwinds. Tengco noted that revenues were temporarily affected in the third quarter following the delinking of e-wallets, which disrupted players’ access and payment channels.
He explained that these changes were part of regulatory efforts to improve oversight. The adjustments aimed “to improve transaction traceability, protect players, and strengthen confidence in regulated online gaming,” he said.
“The 2025 GGR performance underscores the importance of regulatory balance as the industry evolves,” the PAGCOR Chairman added. “Our objective is not simply to grow revenues, but to ensure that growth is sustainable, transparent, and compliant because of a stronger regulatory environment that supports the long-term stability of the gaming industry.”
External pressures and digital momentum reshape sector
While digital gaming has emerged as the industry’s dominant revenue driver, the broader sector continues to face external pressures. In an earlier statement, Tengco warned that geopolitical tensions in the Middle East are beginning to weigh on global gaming markets, including the Philippines.
“This is not a good time for everyone,” he said previously. “Gaming jurisdictions globally are feeling the impact of the oil crisis, and even more progressive countries like Singapore, Macau, and the United States are not spared.”
Rising fuel costs and disrupted travel flows have increased operational expenses for integrated resorts and dampened discretionary spending, affecting land-based gaming. “These external pressures are affecting not only gaming operators but also the local gaming industry stakeholders,” Tengco said.
Against this backdrop, the rapid expansion of online gaming appears to be cushioning the sector. Market data from Blask indicates a sharp rise in activity throughout 2025, with the Philippines’ index climbing from 18.33 million in April to 93.03 million by December. Correspondingly, average monthly market dynamics surged from $151.2 million to $824.7 million over the same period, exceeding $1 billion by March 2026.
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