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Online Casinos Became the Top Tax Payers in the Philippines in 2024

Online Casinos Became the Top Tax Payers in the Philippines in 2024

According to Morgan Stanley, Philippine online casinos contributed ₱28 billion to the budget in Q3 2024. DigiPlus led the market, while PAGCOR plans further tax reductions for the iGaming sector.

Online Casinos Became the Top Tax Payers in the Philippines in 2024

According to data provided by investment bank Morgan Stanley, the iGaming industry in the Philippines emerged as the main source of tax revenue in 2024. In Q3 alone, online casinos contributed ₱28 billion (₽49.35 billion) to the national budget.

Key Facts and Figures:

Annual Gross Gaming Revenue (GGR) for the Philippine iGaming sector reached $2.4 billion (₽248.33 billion), equivalent to 70% of land-based casino revenue.

DigiPlus led the market, surpassing Bloomberry in GGR and EBITDA metrics for Q2 2024. DigiPlus holds a nearly 50% market share.

DigiPlus boasts over 30 million registered users, strengthening its position in a country with an adult population of around 70 million.

Future Prospects:

PAGCOR (Philippine Amusement and Gaming Corporation) plans to further reduce tax rates for the iGaming sector.

Starting January 1, 2025, licensing fees for integrated resorts will be set at 25%, while other operators will face a 30% rate.

Alongside support for local online games (eCasino, eBingo, and virtual sports), the government is phasing out Philippine Offshore Gaming Operators (POGO), with a full ban expected to take effect in early 2025.