November 12, 2025 | 3:52pm
MANILA, Philippines — Even with a small drop in monthly profits from the August e-wallet delinking, the Philippine Amusement and Gaming Corp. (PAGCOR) reported a 17.4% growth in its electronic gaming sector in the third quarter.
In a statement on Tuesday, November 11, the state gaming regulator reported gross gaming revenues of P94.51 billion as of September, nearly matching 2024’s figure, which was just about P100 million higher.
PAGCOR attributed the slight dip primarily to recent government adjustments and reforms in the gaming industry, including stricter rules on digital payments as Congress moves to limit online gambling activity.
This explains why, despite efforts to curb the social and financial impact of online gambling, the e-gaming sector continues to outperform, generating over two-fifths (44.4%) of PAGCOR’s gross gaming revenue.
From July to September, electronic games had generated P41.95 billion, up from P35.71 billion last year, making it the second-largest revenue contributor behind licensed casinos, which earned P45.56 billion or 48.2% of total revenue.
The revenue growth comes despite PAGCOR reporting last month a nearly 49% decline in monthly revenue since August, which Chairman and CEO Alejandro Tengo said was mainly due to the exceptionally high revenue in June and July.
During this time, the Bangko Sentral ng Pilipinas (BSP) e-wallets were still able to redirect users to online gambling platforms through links and icons within their applications.
The spike in revenue is mirrored in DigiPlus Interactive Corp.’s trading price by mid-2025. The company runs several leading online gambling platforms in the Philippines, such as BingoPlus, ArenaPlus, SpinPlus, and GameZone.
By August and September, the digital entertainment firm saw its stock price drop to less than P30, coinciding with the BSP’s enforcement order and rising congressional and public concern over online gambling.
“The delinking of e-wallets resulted in a short-term decline in activity toward the latter part of the quarter,” Tengo said. “However, these measures are vital to protect players and ensure secure, transparent transactions.”
While the e-gaming sector posted a revenue increase, PAGCOR’s three other major segments saw declines.
PAGCOR-operated casinos, which account for just 3.4% of total revenue, fell by 11.6% to P3.22 billion; licensed casinos dropped by 10.2% despite being the top revenue generator; and bingo revenues decreased by 16.2% to P3.79 billion.
Tengco, however, is optimistic that the gaming industry would bounce back and regain momentum once players “adapt to new e-wallet protocols” and the government enforces new regulations — especially against illegal gambling platforms.