DigiPlus Interactive Corp., the company behind popular platforms BingoPlus and ArenaPlus, saw its share price plunge 20.4% on Wednesday to PHP27.90 ($0.49). This occurred amid intensifying calls from lawmakers to outlaw online gambling in the Philippines.
Second-Worst Trading Day on Record
The drop marks DigiPlus’ second-largest single-day decline in trading history. It trails only a 23.87% loss earlier this month after a Senate bill proposing stricter gaming regulations was filed, according to The Philippine Daily Inquirer.
Marcos “Thoroughly Studying” Total Ban
Investor sentiment soured further after President Ferdinand Marcos Jr. confirmed that he is “thoroughly studying” the consequences of a possible nationwide ban. Senators Raffy Tulfo and Sherwin Gatchalian are among the most vocal proponents. They cite the industry’s ties to addiction, fraud, and social harm.
“The drop in DigiPlus shares was driven by rising calls for an outright ban,” said Alfred Benjamin Garcia, Head of Research at AP Securities.
Buyback Program Fails to Restore Confidence
DigiPlus had recently launched a PHP6 billion ($106.77 million) share buyback initiative in an attempt to stabilize investor confidence. However, that effort has so far done little to stop the bleeding. The company’s stock has now plunged 57.3% from its 52-week high of PHP65.30 ($1.15) just weeks ago.
Brazil Expansion Offers Hope
Despite the domestic uncertainty, DigiPlus is banking on international expansion. Its upcoming Brazil launch in September is seen as a critical move to mitigate risks in its home market.
Strong Financials May Not Be Enough
The company’s fundamentals remain solid. DigiPlus more than doubled its net income to PHP4.2 billion ($74.05 million) in Q1 2025. This outpaced even Bloomberry Resorts Corp., operator of Solaire, which posted PHP3.3 billion ($58.3 million) during the same period.
Still, analysts warn that proposed legislation targeting online gambling could deal a serious blow to DigiPlus’ future growth. This is particularly concerning given its heavy reliance on the Philippine market.
