A recent report from the Philippine Amusement and Gaming Corporation (PAGCOR) indicates that gambling revenue continues to rise after a sharp decline due to COVID-19 and traveling restrictions.
According to the reports, the Philippines is on track to record gross revenue numbers higher than before the pandemic, and some experts think it could hit $10 billion in revenue by 2027.
How Is Revenue Generated From Gambling?
The Philippine government generates revenue through taxes and gaming licenses. To operate a casino, sportsbook, or poker room in the Philippines, you must possess a gaming license from PAGCOR or the First Cagayan Leisure And Resort Corporation (FCLRC).
The money generated from taxes and license fees goes to the government for government programs such as disaster relief and infrastructure. Gambling revenue is expected to reach $4 billion in 2022, but with the addition of new licensees and more gambling resorts, many people think it will likely produce around $5 billion in 2023.
Is Online Gambling Legal In The Philippines?
Yes, online casinos undergo the same regulatory compliance orders and are legal to play in the Philippines. According to PH gambling laws, Filipinos can only play online gambling sites legally regulated by a trusted gaming commission. During the Covid lockdowns, some domestic casinos could offer online gambling services to nationals, but those options have since expired.
Domestic gambling sites are allowed to offer their online gambling services to other countries that allow them. To provide online gambling services, casinos and sportsbooks licensed in the Philippines must obtain a separate Philippine Offshore Gaming Operator (POGO) license which is also taxed yearly.
New Domestic Casinos On The Horizon
There have been several reports of new casino locations coming to the Manila area, and two new resorts are well on their way to obtaining licenses and operating near the tourist area.
Megaworld Corp recently announced they would invest in a new integrated lifestyle community, including a casino. Megaworld is expected to invest $261 million (USD) into the former Manila Jockey Club Track.
Bloomberry Resorts Corporation has also confirmed that they are perusing a third casino resort just south of Manila. Bloomberry is the parent company behind the mega property Solaire Resort and Casino.