The state-run Philippine Amusement and Gaming Corp (Pagcor) reported revenue of PHP106.03 billion (US$1.80 billion) for full-year 2025, down 5.1 percent year-on-year from the PHP111.72 billion recorded in 2024.
The decrease was because “earnings from land-based casinos declined and offshore gaming was no longer in the revenue mix,” said the agency in a Friday announcement.
Despite lower revenues, Pagcor reported PHP17.47 billion in net income for 2025, up 4.2 year-on-year.
The release cited Pagcor chairman and chief executive Alejandro Tengco as saying: “The decline in revenues from land-based casinos is largely driven by the gradual change in player behaviour, with more customers opting for digital and online gaming platforms.”
He added: “This shift underscores the need for regulators to keep pace with how players engage with online gaming products.”
Revenues from gaming operations amounted to PHP95.15 billion in full-year 2025, “slightly lower” than the PHP97.53 billion recorded in 2024, Pagcor noted.
Other revenue streams, including interest earnings, income, and service fees, contributed an additional PHP10.88 billion.
More than half of Pagcor’s gaming revenues, or PHP53.33 billion, came from electronic and online gaming activities, including e-Games, eBingo, and bingo grantees, as per the update.
The 9.3-percent increase in revenue from the electronic gaming segment helped “offset part of the decline in land-based gaming… providing stability to overall gaming revenues,” the regulator said.
The agency also said revenues from Pagcor-operated casinos last year declined by 18.1 percent to PHP10.38 billion, while licensed casinos contributed PHP31.44 billion, down 4.9 year-on-year.
The year-on-year decline in total gaming revenue was also influenced by the ban on offshore online gaming operators – formerly known as Philippine Offshore Gaming Operators (POGOs), whose legal operations ended in December 2024.
That segment had contributed nearly PHP3.00 billion in revenue in 2024 but was no longer part of Pagcor’s revenue base in 2025.
Friday’s announcement cited Mr Tengco as saying that Pagcor had responded to the challenges during 2025 by strengthening its regulatory framework for online gaming, to ensure player protection and responsible gaming practices.
“As digital gaming continues to grow, Pagcor has implemented significant regulatory upgrades to protect players, promote transparency, and ensure that online gaming operates within a secure and well-regulated environment,” he stated.
In a speech in December, Mr Tengco said there were “tremendous opportunities to strengthen regulatory frameworks and to create a market that is grounded in integrity, innovation, and long-term sustainability”.
In August, members of the Philippine Senate began discussing stricter regulation of the country’s online gambling sector, including bills proposing a total ban.
In late October, Pagcor said it had witnessed a “sharp decline” in its income since August, which the regulator attributed to the delinking of online gambling platforms from electronic wallets (e-wallets) and a slight decline in the number of new players.
In Friday’s release, Pagcor said its contributions to nation-building efforts reached PHP66.95 billion in 2025, slightly lower than the PHP68.21 billion in the previous year.
