The gambling industry in the Philippines is set to have its best year on record, with 19% growth in quarter 1 of 2024. The Philippines saw $3.3 billion (USD) in revenue for the first four months of the year.
PAGCOR, the regulatory body for the gambling industry in the Philippines, has played a significant role in the industry’s growth. A large part of the revenue increase has been attributed to the online gaming sector, including e-games and e-bingo. PAGCOR detailed the growth in a recent report and claims that the e-gaming industry more than tripled, reaching $1.8 billion (USD).
Another contributing factor to revenue growth is the casinos in Entertainment City. E-city casinos contributed $1.7 million to the total revenue for Q1. However, PAGCOR-owned and operated casinos declined 11.6% in revenue from initial projections, earning just $152 million (USD) for Q1.
Online Gaming In The Philippines
In the Philippines, online players have several options, including domestic and offshore options. Legal online casino sites typically accept players over 18 but ask that account holders follow local gambling age restrictions to avoid any trouble that could possibly arise.
Online casinos outside the country offer options that domestic online sites can’t, like digital currency acceptance, favorable welcome bonuses, and more. While casino bonuses are often the draw for many PH players, adopting Bitcoin and other popular altcoins is also an alluring feature.
Are Offshore Casinos Legal In The Philippines?
Yes, there are no laws that make online casino gambling illegal; however, it is suggested that players only play licensed sites to avoid payment conflicts. Most Philippine gambling laws were created before online casinos were a popular option, therefore, the lack of regulations creates a booming gaming market.
Recently, PAGCOR announced the launch of its own Casino Filipino online site. The new site is being hailed as one of the most advanced online 3D casinos to date, promising a unique and immersive gambling experience. While it’s not yet available to the public, the anticipation is high.
Are Philippine Online Gambling Sites Safe?
While the Philippine Offshore Gaming Operators (POGO) sites have garnered a negative reputation, it’s important to note that the sites licensed by PAGCOR are safe and secure. Unfortunately, the program has also given rise to illegal operators who have been implicated in various crimes, from petty theft to human trafficking.
While Philippine online gambling sites are safe, that doesn’t necessarily mean they are the best option for local players. Offshore gambling sites have been accepting players much longer and have built a reputation among industry professionals as trusted sources for gambling entertainment. Not only do offshore sites operate legally from their jurisdiction, but they are also licensed by trusted regulators that test security protocols regularly and issue compliance records indicating that the odds offered are fair.