PAGCOR revenue almost halves after e-wallet unlinking for online gambling

A new minimum deposit rule is also believed to have had an impact.

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has seen a significant drop in revenue since August, due to the unlinking of online gambling sites from e-wallets and the implementation of a minimum deposit rule. The revelation was made by PAGCOR’s Assistant Vice President for Offshore Gaming, Jessa Fernandez, on Wednesday, October 22, during a congressional hearing by the House Committee on Games and Amusements.

According to Fernandez, PAGCOR’s revenue plummeted by 49 per cent after the Bangko Sentral ng Pilipinas, the Philippines’ central bank, directed e-wallet providers to cut links with online gambling platforms in the country. She said the agency’s new minimum deposit rule also caused some players to stop playing with licensed operators.

The policies were introduced to address the growing concerns over the social impact of online gambling. However, some lawmakers believe that regulations are still insufficient. The Department of Economy, Planning and Development (NEDA) has expressed support for either a complete ban on online gambling or strict regulation, citing the industry’s economic contribution of just 0.37 per cent to the country’s GDP. However, has highlighted the revenue generated from licensed online gaming as crucial for supporting public services and projects, such as education, healthcare, and community development.

In 2024, gross gaming revenue (GGR) from electronic games reached PHP154.51bn (US$2.6 1bn), up from PHP58.16bn (US$991.8m) in 2023. Tax revenue is used to finance projects such as the construction of school buildings, socio-civic centers, and e-learning hubs.

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A new minimum deposit rule is also believed to have had an impact. The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has seen a significant drop in revenue since…