Philippines fights illegal gambling
The Philippines is increasing its efforts to stop illicit online gambling. In the first quarter of 2024, Globe substantially widened the scope of its efforts by taking down...
Philippines’ gambling revenue expected to surge in 2024
After shattering records in 2023, the Philippines is predicted to enjoy at least a fifteen percent increase in its gambling income this year.
The home market will be the main driver of this expansion, particularly in mass-market gambling and slot machines. It is also anticipated that VIP gambling, driven mostly by South Korean players, will steadily rise.
The emergence of e-gaming and the launch of new casinos are expected to fuel this period of growth, according to investment firm Maybank. It is anticipated that Bloomberry Resorts, a significant participant in the Philippine gambling industry, will increase earnings with the launch of Solaire Resort North, a new integrated resort.
Due to rising private consumption, the trend of mass-market gambling and slot machine expansion is anticipated to continue.
This expansion is not without risk, though. People’s discretionary spending may be limited by inflation, and the lack of Chinese visitors—who are avid consumers of VIP gambling—may have an adverse effect on profits.
Maybank cites the Philippines’ gambling market’s historical durability and the growing participation of local players as reasons for its optimism despite these concerns. It is anticipated that by the end of 2024, the revenue generated by the online gambling industry would have surpassed that of land-based gambling, which is another good trend in the industry’s expansion.
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