PAGCOR to launch internet gaming platform in H2
Philippine Amusement and Gaming Corporation (PAGCOR) is targeting to launch its own internet gaming platform by the second half of this year in order to keep up with the fast-growing revenue source.
In an interview, PAGCOR Chairman and CEO Alejandro H. Tengco said the plan is still on track and Casinofilipino.com should be set up later this year. Currently, PAGCOR only issues internet gaming licenses as the industry regulator.
While they have no earnings projection yet for internet-based gaming, Tengco noted that, “if you will look at our revenues generated from e-gaming, I believe it will also be a substantial amount.”
He added that, “the plus factor of Casino Filipino is the brand. It is a very good name. Casino Filipino dot com, Asia’s friendliest.”
Tengco said that internet-based gaming is now a worldwide trend. “I’m not talking of the Philippines alone. The worldwide trend is very clear. The trend is now there is a shift from traditional land-based casinos to online gaming,” he said.
He also pointed out that, with the internet gaming platform, PAGCOR can widen its reach because “we’re not talking of the Philippine market alone. We’re talking of the world.”
Tengco said this is why even giant gaming companies overseas are spending hundreds of millions of dollars to acquire or develop their own internet gaming platforms.
PAGCOR expects E-games and new integrated resorts to boost revenues to ₱336.38 billion this year even as it reported record high gross gaming revenues (GGR) of ₱285.27 billion for 2023.
E-casinos, e-bingo, sports betting and specialty games that together make up the E-games sector are projected to contribute ₱61.75 billion in 2024 and should be the fastest growing sector in the next few years, Tengco said.
“We are really excited with the phenomenal growth of E-games in the Philippines and this is where PAGCOR will be betting,” he added.