The Philippines’ GGR in Q3 2025: Stability Amid E-Wallet Restrictions

Breakdown of Q3 Revenue

In the 3rd quarter, operators’ total GGR reached PHP 94.51 billion, a slight YoY decline of PHP 100 million. The iGaming vertical, which increased to PHP 41.95 billion from PHP 35.71 billion last year, played a key role in maintaining overall stability.

Activity peaked in July, prior to e-wallet suppliers being mandated to disconnect their links from certified gambling portals. Following the implementation of this rule, the financial indicators gradually began to decrease.

The offline niche demonstrated the opposite trend:

• casinos that belong to private operators totalled PHP 45.56 billion, down 10.2%;
• PAGCOR-owned facilities generated PHP 3.22 billion, a decrease of 11.6%;
• bingo draws brought in PHP 3.79 billion, declining 16.2%.

Revenue share was almost evenly divided, with ground venues making up 48.2% and iGaming services accounting for 44.4%. These figures indicate increasing interest in online content, such as poker rooms, slots, lotteries, and bookmakers.

Comparison with Early 2025: Growing Digitalisation

The dynamics observed in the 1st half of this year markedly differed: PAGCOR reported GGR of 214.75 billion, representing a 26% increase compared to the same period in 2024. Web offerings experienced an extraordinary surge of 82.67%, whereas the offline niche saw a slight decline. The swift growth of the digital segment has elicited concerns among certain public entities and lawmakers within the country.

Critics argue that:

• internet services tend to attract a younger, more sensitive audience;
• families with low income face a higher risk of financial difficulties;
• existing regulations do not keep pace with the tempo of digitalisation.

Juan Miguel Zubiri, one of the state's senators, presented a draft law aimed at forbidding iGaming and associated transactions via e-wallets. He pointed out that the tax profits generated do not outweigh the social harms. His colleague, Erwin Tulfo, backed the proposal, citing the substantial risks online gambling presents to the youth.

Industry Oversight and Compliance

PAGCOR’s Chairman expressed a different view, supporting enhanced supervision instead of a total prohibition. Alejandro Tengco stated that the main role of the regulatory authority is to facilitate industry development while maintaining responsible practices.

In August, the Philippines’ Central Bank limited the usage of embedded links to operator platforms within e-wallet apps, which affected market activity towards the end of Q3.

The body’s Chairman considers the decrease as temporary and emphasises the importance of implementing further measures to guarantee the safety of transactions. He also recommends that the public steer clear of shadow websites, which do not adhere to national standards, evade taxes, and pose risks of data breaches and fraud.