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Philippine gross gaming revenue hits unprecedented $1.42 billion

The gaming market in the Philippines has seen a lot of growth in the past decade, so much so that more investors have been considering investing in this market. As a result, players have had access to more casinos, allowing them to enjoy higher consumer power. They can simply log into a Philippine online casino, get a bonus, and start playing from the comfort of their home. At the same time, casino operators have enjoyed a bigger audience that has boosted their profitability. But what factors have influenced this growth? We consider them and what this means for the Philippine gaming market in the coming decades.

What Has Supported This Industry?

Each online gaming market has factors that either boost or diminish its growth. And with the Philippines, supporting factors have been at the forefront, resulting in a 4.94% CAGR. So, what factors are to thank for this?

1. The Gaming Environment.

For online casinos to take root, they must have a welcoming atmosphere. And this is clearly the case in the Philippines as it boasts the following unique circumstances:

  • An existing gaming culture: Players are not new to games as gaming has always been a fun pastime in the country. Even before it was the in-thing, people would enjoy games as a way to relax and have fun. As such, the introduction of online gaming is a stepping stone that allows them to enjoy these games at their convenience. And since it does not have significant barriers of entry, almost anyone can enjoy the game, which is unlike the case a few decades ago when gaming was for specific demographics.
  • Lenient gaming laws: Philippine Amusement and Gaming Corporation (PAGCOR), the official regulation authority in the Philippines, works together with other organizations to ensure that gaming is fair to all players. These include eCOGRA which ensures safety in the games and BeGambleAware which helps players enjoy responsible gaming. Moreover, only licensed casino operators can offer their services in the country legally, which pushes operators to meet the required conditions to establish themselves in the Philippines.

The intertwining of these factors enables casino operators to easily penetrate the market and grow an audience.

2. An Eager Market.

Players have taken to online gambling with ease as it allows them to enjoy a wide range of perks. These include:

  • Convenience – they can enjoy the games no matter where they are or the time. Moreover, they are not subject to dress codes. As such, they can play at their convenience, including on their way to work and when relaxing at home.
  • Accessibility – games are available to anyone who has a smart device and internet access. Location and timing do not matter. What’s more, many casino operators have launched mobile apps that are more accessible than mobile and desktop web browsers.
  • Variety – on one side, players have games of chance like slots that are easy to play and boast high payouts. On the other side, they have games of skill that require them to develop strategies to win.
  • Profitability – online casinos allow people to start enjoying games for as little as 50 Philippine pesos. In addition to this, they offer numerous discounts to new and loyal customers, allowing people to win hundreds of thousands to millions of Philippine pesos for a small wager. Thanks to this, many people have turned to gaming as a career.

The combination of these factors enables players to have their cake and eat it.

3. New Technologies.

The online gaming market has always been an innovative approach to gaming. But in recent years, casino operators have discovered they can harness more from this industry using the following tactics:

  • Live games: Players can join real-time games wherever they are. In these settings, they can interact with dealers and other players using their cameras and microphones, which makes the environments feel like real casino atmospheres.
  • Virtual reality: Many games incorporate augmented reality into their games as this makes them seem more realistic. Along this line, many operators have been introducing virtual reality that allows players to immerse themselves in the games even more.
  • Blockchain: Operators have found that this technology has numerous benefits. Key among them is the enabling of virtual currencies that allow players to enjoy safe, secure, and fast payments. Another vital benefit is fair gaming which ensures nobody can tamper with the games and payouts, thus instilling trust in operators.

Operators have also been using artificial intelligence to offer tailored marketing and support services to their players. This technology also helps them choose games that are likely to please their audience the most.

4. The Economic Factors.

The gaming market has witnessed growth due to the changing economic landscape in the country. Below are the economic factors to consider:

  • Increasing disposable income: As more people earn more money and the middle class grows, more people have more funds to spend on gaming. This growth is especially due to the increasing tourist numbers as more people seek to explore the Philippines.
  • Access to smart devices: Mobile phones and other smart devices are now widely available at affordable costs, enabling more people to get their hands on gaming devices.

It also helps that many operators offer their games at affordable prices that are accessible to most people. Moreover, they offer discounts to new and existing players that makes the games even more attractive.

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