The Philippines’ gaming market has felt the effects of a significant shift in the country’s regulatory framework.
Digiplus, one of the country’s biggest operators, has reported a major cut in earnings following a directive from the Philippine Central Bank to unlink mobile wallets from online gaming platforms.
The operator of brands such as BingoPlus, ArenaPlus and GameZone reported a 59% year-on-year decrease in net income to Php 1.71bn (£22.6m) in the third quarter of 2025 and a 55% decrease Y-o-Y in EBITDA to Php 2bn (£25.8bn). Revenues were also slashed 23% Y-o-Y to Php 19.05bn (£251.7bn).
These numbers concur with data released by PAGCOR, the Philippines’s gaming regulator, following the e-wallet decision, which confirmed that iGaming transactions fell by 50% at regulated providers in the weeks following the ultimatum.
“This [change] temporarily disrupted player activity and transaction volumes across the industry during the period,” stated Digiplus.
A necessary change
Although PAGCOR reported a 17.4% growth in the E-Games segment, rising from Php 35.7bn to Php 41.95bn, the gaming regulator admitted that the performance was propped up by a strong July, as revenues declined in August and September following the e-wallet delinking mandate.
Despite this, PAGCOR’s Chair and CEO, Alejandro Tengco, described the measures as a key step as iGaming seeks to navigate legislative challenges.
“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,” he said.
Digiplus also noted that it has responded to the shift by taking “proactive measures” to enhance its player protection measures and customer service platforms.
“This period demonstrates DigiPlus’ resilience amid temporary setbacks. Throughout this period, we continue to focus on digital innovation, player protection, and good governance,” said DigiPlus Chair Eusebio Tanco.
Black market threat
Tengco also previously laid out what may well be the unintended consequence of such a decision, warning that PAGCOR witnessed an uptick in users turning to the black market following the change.
According to PAGCOR, there are approximately 12,000 illegal online gaming sites in operation, compared to just 77 licensed operators in the Philippines, and Tengco cautioned that illegal sites continue to expand aggressively.
Last month alone, the Cybercrime Investigation and Coordinating Centre (CICC) identified over 1000 unlicensed gambling websites, and Digital Pinoy, a civil society partner, also reported 627 gambling-related URLs submitted by partner organisations.
“These unauthorised platforms do not follow responsible gaming standards, do not pay taxes, and put players at risk of data theft and fraud,” warned Tengco.
Overall, PAGCOR posted a slight Y-o-Y dip in gross gaming revenues to P94.5bn in Q3 2025, as PAGCOR-operated and licensed casinos experienced 11.6% and 10.2% revenue declines, respectively, compared to the same period last year.
