Philippines Hits $1 Billion in Revenues for 2022

The Philippine Regulator and operator of gambling in the country recorded total revenues of PHP55.05 billion ($1 billion) which represents a rise of 68.7% compared to the previous year. Profits reported by PAGCOR for the year came in at PHP4.44 billion ($81.4 million) a huge rise in profits by 2,084% from 2021 which was of course still had the effects of the COVID-19 pandemic.

However when compared to pre-COVID in 2019 profits were more than half when PAGCOR reported a profit of PHP9.65 billion ($176.77 million) and well off the 2018 number of PHP31.79 billion ($581.96 million).

But although the numbers are well off pre-pandemic levels it is a promising return to normality for the operator come regulator who is under pressure from government departments to split from being both operator and regulator along with calls to ban offshore gaming operators known locally as POGO’s and to privatise the operations instead.