Key Moments:
- Total gross gaming revenue (GGR) for Q3 2025 stood at PHP 94.51 billion (€1.56 billion), representing a slight year-on-year decrease
- E-Games segment surged 17.4 percent year-on-year to PHP 41.95 billion (€693 million), making up nearly half of Q3 GGR
- Revenue declines were noted across PAGCOR-operated casinos, licenced private casinos, and bingo operations
Revenue Performance and Regulatory Impact
The Philippine gaming industry experienced a modest slowdown in the third quarter of 2025, coming off a robust first half that saw record-breaking revenues fueled by digital growth. Data from the Philippine Amusement and Gaming Corporation (PAGCOR) showed gross gaming revenue (GGR) for July to September at PHP 94.51 billion (€1.56 billion), marginally under the PHP 94.61 billion (€1.56 billion) reported for the same period in the prior year. This slower pace followed a strong January–June period, during which GGR reached approximately PHP 214.75 billion (€3.55 billion), marking a year-on-year increase of about 26 percent.
Industry experts are attributing this deceleration to stricter online reforms and new government measures concerning digital payment channels in gaming transactions. PAGCOR emphasized that while these steps led to temporary disruptions, they were initiated to bolster transparency and mitigate financial risks within the sector.
E-Games Segment Maintains Growth
The E-Games division remained the standout performer, posting a 17.4 percent year-on-year increase to PHP 41.95 billion (€693 million) from PHP 35.71 billion (€590 million) the previous year. According to PAGCOR Chairman and Chief Executive Alejandro Tengco, July delivered particularly strong E-Games results. However, revenue tapered off in August and September after the introduction of mandatory delinking of e-wallets from licensed platforms, a policy designed to curb misuse and enhance transaction security.
“The figures reflect an industry that is adjusting to necessary safeguards,” Tengco said in a statement on Tuesday. “The delinking of e-wallets resulted in a short-term decline in activity toward the latter part of the quarter. However, these measures are vital to protect players and ensure secure, transparent transactions.”
Tengco also highlighted ongoing risks from illegal online gaming sites, describing their proliferation as a threat to both regulatory efforts and consumer safety. “These unauthorised platforms do not follow responsible gaming standards, do not pay taxes, and put players at risk,” he added, urging the public to engage only with PAGCOR-licenced platforms.
Segment Performance Breakdown
| Segment | Q3 2025 Revenue (PHP) | Q3 2025 Revenue (€) | Q3 2024 Revenue (PHP) | Q3 2024 Revenue (€) | Year-on-Year Change |
|---|---|---|---|---|---|
| E-Games | 41.95 billion | 693 million | 35.71 billion | 590 million | +17.4% |
| PAGCOR-operated Casinos | 3.22 billion | 53 million | 3.64 billion | 60 million | -11.6% |
| Licenced Private Casinos | 45.56 billion | 754 million | 50.72 billion | 839 million | -10.2% |
| Bingo Operations | 3.79 billion | 63 million | 4.52 billion | 75 million | -16.2% |
Reviewing market shares, PAGCOR-run venues contributed roughly three percent to total GGR, while licenced casinos delivered 48.2 percent. E-Games accounted for 44.4 percent, and bingo operations represented the remaining four percent.
Outlook and Industry Sentiment
Despite the quarterly pullback, Tengco indicated optimism for a market rebound as both operators and consumers adjust to revised e-wallet requirements. PAGCOR expects revenue growth to resume once compliance frameworks are fully integrated and enforcement against illegal platforms intensifies.
“The Philippine gaming market remains fundamentally strong,” Tengco said. “We are transitioning towards a more secure and transparent environment that will benefit both legitimate operators and the public.”
Industry analysts view the third-quarter softness as a correction following exceptional early-year growth. With ongoing digital reforms and continued tourism recovery, the fourth quarter of 2025 is positioned as a critical period for assessing sustained momentum into 2026.
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- Author
Daniel Williams
