The proliferation and ongoing success of online casinos is definitely a global phenomenon, and it’s one that is stretching faster and wider than many would have predicted just a short while ago.
The latest area set to reap the rewards of the expansive market is the Philippines, with the Asian country looking to launch its own e-gambling operations in 2024. The archipelago, which consists of over 7000 islands in the Pacific Ocean, already attracts high rollers from around the world and sees the move as a great way to bring in further offshore revenue.
Casino operations and physical brick, and mortar establishments are very popular in the Philippines, with the 41 sites in the country bringing in over $290 million, and a move to dominate the online market is a natural fit given the fact that casino operations of all kinds, online and offline, are entirely legal.
Philippines Amusement and Gaming Corp, or Pagcor for short, operates those aforementioned 41 sites, and their chairman, Alejandro Tengco, is keen to build on this online, stating;
“Online gaming offers an opportunity to tap into new markets and diversify its customer base,”
Online gambling is on the rise, with many surveys suggesting that year on year, the value of the market will increase by as much as 11%, and it’s worth noting that it’s already worth an incredible $63.5 billion.
Thirty-two offshore gambling providers operate in the Philippines, catering primarily to Chinese customers, and the plan is to open up the market to cover a growing demand from locals as well as wealthy tourists and business people that are drawn to the beautiful country.
Pagcor is experiencing a real upturn in profits as of late, with income for H1 in 2023 jumping by a massive 37%, and it is clearly looking to broaden its appeal to take into account the growing interest and demand in online gaming options.