Licensed online gaming operators in the Philippines increased their share of projected market revenue during the first quarter of 2026. This is according to new data from AI-powered gaming intelligence platform Blask.
The company’s analysis suggests that while offshore operators continue to account for a significant portion of online gaming activity, PAGCOR-licensed brands are steadily gaining ground. This gain comes as consumer demand shifts toward regulated operators.
Licensed Operators Take Majority Share
Blask’s data, measured through its proprietary Competitive Earning Baseline (CEB) metric, estimated total projected gaming revenue of approximately US$1.17 billion across 257 active operators during the three months ending March 31. Moreover, the figure represented a 32% increase compared to the same period in 2025.
According to the analysis, licensed onshore operators generated an estimated 54% of projected market revenue, equivalent to approximately US$637 million. Offshore operators accounted for the remaining 46%, representing roughly US$535 million.
The gap widened throughout the quarter. In January, the split was relatively balanced, with onshore operators accounting for 51% of projected revenue compared to 49% for offshore brands. However, by March, licensed operators had increased their share to 58%. At the same time, offshore operators declined to 42%.
Blask defines the Competitive Earning Baseline as an AI-driven estimate of the gross gaming revenue a brand is expected to generate within a specific market. It is not a traditional financial reporting metric.
Consumer Demand Tells a Different Story
The findings come against the backdrop of official data from the Philippine Amusement and Gaming Corp (PAGCOR), which reported a 15.9% year-on-year decline in total gross gaming revenue (GGR) to PHP87.6 billion (US$1.42 billion) during the first quarter.
The decline was largely driven by weakness in the electronic gaming segment. This includes e-games, e-bingo, and bingo grantees, which recorded a 22.4% year-on-year drop to PHP39.9 billion.
Blask argues that the apparent discrepancy reflects differences in methodology. While PAGCOR’s figures focus on licensed operators and land-based gaming activities within its regulatory framework, Blask measures consumer-facing digital demand. This includes offshore brands that fall outside the regulator’s reporting scope.
As a result, the company said its data showed a significant increase in online gambling demand despite the decline reported by official industry figures.
Brand Demand Accelerates
Blask’s Brand Index, which tracks consumer demand for gaming brands, nearly tripled year-on-year in the Philippine market during the quarter.
The company also identified strong momentum among regulated operators. Based on its Brand’s Accumulated Power (BAP) metric, which measures a brand’s share of total market demand, seven of the top eight performing brands recorded growth of more than 400% compared to the previous year. In addition, three brands posted growth exceeding 3,000%.
Notably, all eight of the leading-performing brands were licensed by PAGCOR. Meanwhile, the two offshore operators included in the top ten experienced declining revenue compared to the previous year.
Competitive Landscape Shifts Toward Regulation
According to Blask, the latest figures suggest that market growth is not being distributed evenly across the industry. Instead, consumer demand appears to be consolidating around licensed operators. This results in a redistribution of market share within the regulated segment.
While offshore operators continue to command a substantial portion of online gaming activity in the Philippines, the data indicates that PAGCOR-licensed brands are increasingly strengthening their competitive position.
The trend could signal a broader shift in the Philippine online gaming market. As regulated operators continue to expand their presence, they attract consumer demand and compete more effectively against offshore alternatives.
