The Philippine gaming regulator PAGCOR has announced a record-breaking revenue of Php112 billion ($1.92 billion) in 2024, driven by the rapid expansion of the domestic online gaming (E-Games) sector.
Net income also saw substantial growth, surging by 146% year-on-year to Php16.8 billion ($287 million).
According to PAGCOR’s 2024 financial report, this new record revenue is 41% higher than the 2023 figure and surpasses the previous all-time high of Php82 billion ($1.40 billion), recorded in 2019.
“We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR, and we thank our employees and stakeholders for making such achievement possible,” said PAGCOR Chairman and CEO Alejandro H. Tengco, noting that the E-Games and E-Bingo sectors contributed 50% of all revenue of 2024 gaming revenues.
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
PAGCOR reported that in 2024, the main revenue sources remained gaming operations and licensing fees, which contributed Php97.5 billion ($1.67 billion). Additional income, including business earnings and service fees, amounted to Php14.18 billion ($243 million).
Licensed casinos accounted for 33.9% of total revenue, equaling Php33.1 billion ($567 million), while the Casino Filipino network contributed 13.0% or Php12.7 billion ($217 million).
Despite the closure of the offshore gambling sector POGO, it managed to contribute 3.0 billion pesos ($51 million) to the budget.
PAGCOR noted that the significant revenue growth allowed a substantial increase in funding for national development programs, a key responsibility outlined in its charter. In 2024, the total amount of contributions reached Php68.2 billion ($1.17 billion), a 37.6% increase compared to the previous year.
This included Php46.3 billion (US$793 million) to the National Treasury, Php4.87 billion (US$83 million) in franchise taxes, Php1.09 billion (US$19 million) in corporate income taxes to the Bureau of Internal Revenue, Php2.31 billion (US$40 million) to the Philippine Sports Commission, and Php12.37 billion (US$212 million) to fund socio-civic programs under the Office of the President, among other contributions.
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