Pagcor expects to double revenues by year-end
MANILA, Philippines — The Philippine Amusement and Gaming Corp. (Pagcor) said it expects to double its gross gaming revenues (GGR) by up to P65 billion by the end of 2022 as the economy continues to pick up.
The GGR refers to gross bets excluding total payouts.
"It would be possible that, by the end of the year, Pagcor would have about P60 to P65 billion a year [in] GGR which is almost twice as much as last year's," Pagcor Chairperson and Chief Executive Officer Andrea Domingo said in a virtual interview on Kapihan sa Manila Bay with journalist Marichu Villanueva on Wednesday.
She said, by the end of the first half of 2022, they should be "hitting anywhere from P25 billion to P35 billion."
Domingo noted that Philippine offshore gaming operators (POGOs), IRs (integrated resorts), and Pagcor slot machines are gaining more traction among players.
"[This means] that the economy is picking up. The borders have been opened. There are a lot of foreigners coming in now to play because we have casinos, where foreigners predominantly play and [where] very few Filipinos who do a lot of heavy betting," she explained.
Pagcor is in charge of regulating games such as e-sabong or the online wagering of bets during cockfights.
Domingo said e-sabong contributes around P650 million a month to the government.
For her, it would be better to have a separate regulator oversee the e-sabong industry, since the agency would rather distance itself from the virtual betting activities to focus on other responsibilities.
The e-sabong industry earlier went under fire as a Senate panel conducted hearings on the disappearances of over 30 individuals allegedly linked to the online betting games.
President Rodrigo Duterte earlier defended e-sabong, saying it generates revenues that will help support the State's programs and admitted the government is "short of money."
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