The impact of regulatory changes, and specifically the directives of the Philippine Central Bank, has begun to wane on the Philippines’ largest gaming operator, DigiPlus.
The operator of brands such as BingoPlus, ArenaPlus and GameZone reported a significant decline in financial performance in the first quarter of 2026. The performance was primarily attributed to the Philippine Central Bank’s August 2025 directive to delink e-wallets from online gaming platforms, which DigiPlus said ‘affected user activity and transaction flows’.
In the days after the decision to mandate e-wallet delinking, the Philippines’ gaming regulator, PAGCOR, reported that iGaming transactions through licensed operators fell by 50%, while research found that the black market experienced a 40% increase in users.
Overall, DigiPlus reported a 25% decline in revenue year-on-year to P17.2bn (£206.3m). Net income and EBITDA also fell 33% and 42% YoY to P2.8bn (£33.6m) and P2.6bn (£31.2m) respectively.
Geopolitical headwinds
Alongside regulatory changes, DigiPlus also described ‘tempered consumer sentiment’ as a result of the ongoing global fuel crisis sparked by tensions between the US, Israel and Iran, which has caused consumers to tighten their belts in light of the economic challenges.
The company’s concerns surrounding the wider impact of the conflict have also been echoed by PAGCOR, as the body’s Chair and CEO, Alejandro Tengco, previously said that the global gaming market is ‘feeling the impact of the oil crisis’.
“This is not a good time for everyone,” he said, speaking last month at Manila After Dark, an event hosted by Inside Asian Gaming. “Gaming jurisdictions globally are feeling the impact of the oil crisis, and even more progressive countries like Singapore, Macau, and the United States are not spared.”
Cause for optimism?
Despite these headwinds, DigiPlus’s Chair Eusebio Tanco said he remained confident in the company’s ‘long-term growth trajectory’ as DigiPlus seeks to meet the aforementioned challenge.
He said: “Our fundamentals remain intact, and we remain confident in the long-term growth trajectory of the business as we adapt our payments ecosystem, strengthen player engagement, and continue to lead with responsible, innovative digital entertainment.”
This optimism will be somewhat fuelled by the wider trends witnessed across the Philippines, as market revenue grew 6.39% YoY to P396.1bn (£4.87bn) in 2025 – primarily driven by a 30% growth in electronic gaming revenue to P201.12bn (£2.48bn) compared to 2024.
