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HomeAsiaPAGCOR Hits Record $1.92 Billion Revenue in 2024 as E-Games Sector Expands

PAGCOR Hits Record $1.92 Billion Revenue in 2024 as E-Games Sector Expands

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PAGCOR has claimed its highest-ever yearly revenue of $1.92 billion (₱112 billion) for 2024. This value is a 41% rise from 2023, surpassing the previous high of $1.4 billion (₱82 billion) achieved in 2019.

PAGCOR’s net income increased by 146% year on year to $287 million (₱16.8 billion), in tandem with revenue growth. This significant increase demonstrates the continuous growth of the country’s digital gaming business, notably E-Games and E-Bingo.

“We are proud to announce that our 2024 financial performance is the best in PAGCOR’s history, and we thank our employees and stakeholders for making this possible,” stated PAGCOR Chairman and CEO Alejandro H. Tengco. 

E-games and e-bingo drive revenue growth.

The quick growth of E-Games and E-Bingo contributed greatly to PAGCOR’s outstanding financial performance. These divisions generated $837 million (₱48.79 billion) in gaming revenue, making up 50% of the total.

“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco told reporters. He stressed how the rising popularity of digital gaming platforms, along with technological improvements, has revolutionized the sector.

Revenue from gambling operations and license fees accounted for $1.67 billion (₱97.5 billion). Additional revenue from commercial operations, such as service fees, increased by $243 million (₱14.18 billion). 

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Contributions From Other Sectors

In addition to E-Games, the legal casino sector generated $567 million (₱33.1 billion) in revenue. PAGCOR’s Casino Filipino venues added $217 million (₱12.7 billion), accounting for 13% of the total.

Despite being banned in December 2023, the Philippine Offshore Gaming Operators (POGO) industry nonetheless generated $51 million (₱3 billion) in gaming income for the year. 

PAGCOR Increases Contributions to National Development.

PAGCOR upped their donations to nation-building by 37.6%, reaching $1.17 billion (₱68.2 billion). The National Treasury received the greatest allocation of $793 million (₱46.3 billion). Other important contributions include:

• Franchise taxes totaled ₱4.87 billion ($83 million).

• Corporate income taxes totaled $19.9 million (₱1.09 billion).

• $40 million (₱2.31 billion) for the Philippine Sports Commission.

• The President’s Office allocated ₱12.37 billion ($212 million) for socio-civic activities.

Additional monies were allocated to a variety of initiatives, including local government support, renewable energy programs, and help for crime victims through the Department of Justice’s Board of Claims.

Source: Rapid growth of domestic online gaming sector sees PAGCOR report all-time record revenue of US$1.92 billion in 2024

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Agatha Johnson
Agatha Johnson
Agatha Johnson is a U.S.-based journalist with a sharp wit and extensive experience in writing. With a strong focus on the gaming industry, she brings a fresh and engaging perspective to her work.

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