PH gaming revenues up 30% in Q1
The gambling industry in the Philippines grew its Gross Gaming Revenue (GGR) by 30% to P39.15 billion (US$743 million) in the January to March period despite the Omicron surge in the period.
In a report by Philippine Amusement and Gaming Corp. (PAGCOR), it was revealed that Casinos accounted for the bulk of the GGR by posting a 30% y-o-y increase in revenues from P23.27 billion (US$444 million) to P30.15 billion (US$575 million).
PAGCOR-owned games registered a six per cent increase in earnings from P2.48 billion (US$47 million) to P2.62 billion (US$50 million).
Meanwhile, revenues raised by other licensees — such as electronic games — went up by 49%, from P4.29 billion (US$81 million) to P6.39 billion (US$121 million) in the first three months of the year.
Last May 3, the Malacañang Palace issued a memorandum suspending e-sabong activities across the Philippines. PAGCOR directed all e-sabong licensees to take down their websites, including accredited auxiliary operations and off-cockpit betting stations, in compliance with the order.
However, PAGCOR stated that the industry’s Q1 GGR has yet to bounce back to the pre-pandemic level of more than P60 billion (US$1.14 billion).in 2019.
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