Strong Q1 Performance Led by eGaming Surge
The Philippine Amusement and Gaming Corporation (Pagcor) posted strong financial results for the first quarter of 2025, recording a revenue increase of 11.2% year-on-year. Total revenue reached PHP28.07 billion ($502.8 million), up from PHP25.24 billion in Q1 2024. This growth continues to be fueled largely by the expanding online gambling sector.
Gaming operations generated PHP25.52 billion—14.5% more than the same period last year. Notably, electronic games and online bingo accounted for PHP14.32 billion, representing 56% of Pagcor’s total gaming income. Meanwhile, licensed land-based casinos contributed PHP8.32 billion, or 32.6%, and Pagcor-operated venues earned PHP2.88 billion, or 11.3%.
Higher Profit as Costs Decline
Alongside the revenue boost, Pagcor also lowered its operating expenses by 15.5%, bringing them down to PHP6.21 billion. This focus on financial discipline contributed to a notable increase in net income, which reached PHP4.22 billion—23% higher than in Q1 2024.
Pagcor Chairman and CEO Alejandro Tengco attributed the gains to internal reforms and improved efficiency. “Our performance this quarter shows that responsible governance and strategic planning are paying off,” he stated. Pagcor’s contributions to nation-building rose to PHP18.9 billion, up 21.5% year-on-year.
Online Sector Grows Despite POGO Exit
Interestingly, this growth comes even after Pagcor ended Philippine Offshore Gaming Operations (POGOs) in December 2024. The final year of POGO activity brought in PHP2.99 billion, yet the agency’s digital segment continues to grow.
To further support licensed operators and reduce illegal gambling, Pagcor cut its online gaming fee rate from 35% to 30% in January 2025—its second reduction within a year. According to Tengco, these lower rates have already encouraged more providers to enter the market, with accredited service providers growing from 49 in 2023 to 174 in 2024.
