DigiPlus to sustain win streak in Philippines online gaming industry

MANILA, Philippines — Despite emerging challengers, DigiPlus Interactive Corp. is seen remaining as the biggest online gambling operator in the country over the next two years on the back of good products and effective user engagement, S&P Global Ratings said.

S&P has assigned a B’ long-term issuer credit rating to DigiPlus.

DigiPlus was also given a stable rating outlook, reflecting S&P’s expectation that the company will gradually recover from recent regulations on e-wallet delinking and explore investment opportunities.

S&P said the company’s market share declined to 41 percent in 2025 from 47 percent in 2024 due to rising competition from new entrants.

Still, S&P said DigiPlus would likely maintain its dominant 40 to 50 percent share of the Philippine online gaming market over the next two years.

At present, it said the company, which benefits from a large user base comprising mainly lower to middle income gamers, has a big lead over the second-largest player, which has a 15 to 20 percent market share.

“DigiPlus will likely remain the biggest online gambling player with solid branding in the Philippines,” S&P said.

S&P sees strong branding and product offerings, a solid balance sheet and ample liquidity helping the company cope with higher regulatory frictions and maintain operating resilience in an evolving industry.

“We believe the company will continue to navigate the country’s nascent regulatory environment with good product offerings, effective user engagement and nimble pivots to adapt to policy changes,” it said.

S&P said DigiPlus’ expansion into land-based casinos and overseas online markets such as Brazil and South Africa, meanwhile, poses execution risks, while supporting the company’s long-term diversification.

These initiatives are expected to contribute 10 to 20 percent of revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) by 2027 once they ramp up.

On a base-case scenario, S&P expects the company’s revenue to decline by 17 percent in 2026 before increasing by five percent organically in 2027.

Total revenue growth of 17 percent, meanwhile, is seen in 2027 after the consolidation of International Entertainment Corp.

DigiPlus operates three platforms: BingoPlus for bingo games, ArenaPlus for sports betting and GameZone for card games and e casino games.

The company also operates about 130 physical sites across the country.