The evolution of the iGaming business in the Philippines
The Philippines is one of the fastest-growing and most dynamic markets for the iGaming business in Southeast Asia. With a population of over 100 million people, a strong cultural affinity for gambling, and a supportive regulatory environment, the country offers a lucrative opportunity for iGaming operators and investors. According to Statista, the revenue of the online games industry in the Philippines is projected to reach 2.18 billion U.S. dollars by 2027, up from 1.1 billion in 2020.
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This impressive growth is driven by several factors, such as the increasing penetration of smartphones and internet access, the popularity of mobile and social games, and the development of the Philippine Offshore Gaming Operators (POGOs) sector.
The POGOs are a new category of offshore gaming licensees that are allowed to offer online gaming services to players outside the Philippines. The POGOs have contributed to the expansion and diversification of the iGaming industry in the Philippines, as they generate employment, tax revenue, and foreign investment. Also notable is the planned launch of PAGCOR’s own online casino, dubbed Casino Filipino, in the first quarter of 2024.
In this article, we will explore the current landscape of the iGaming market in the Philippines, highlighting its potential for expansion amidst new and evolving developments, while also considering its implications from a global standpoint.
What is PAGCOR?
Fair and safe gambling doesn’t always happen on its own and it requires a governing body to ensure best practices. In the Philippines, this is done by the Philippine Amusement and Gaming Corporation (PAGCOR).
Created in 1976, PAGCOR’s objective is to make sure that the gambling industry is regulated, licenced, and operated properly. They also aim to promote tourism and entertainment, which is why they’re also in charge of building and running casinos, bingo halls, poker clubs, and other gaming places that attract visitors from all over the world.
Government-owned Casino Filipino online
One of the most notable initiatives of PAGCOR is the launch of a new online casino platform under its own casino brand, Casino Filipino. The online casino, which is expected to go live in the first quarter of 2024, aims to extend the reach of PAGCOR’s gaming operations to the global market, especially in Asia, where there is a high demand for online gambling services.
The online casino will offer a variety of games, such as baccarat, blackjack, roulette, slots, and video poker, as well as live dealer games that will feature real-time interaction with professional croupiers. Moreover, the online casino will leverage the latest virtual reality technology to deliver immersive and cutting-edge gaming experiences to its customers, allowing them to enjoy the thrill and excitement of a real casino from the comfort of their homes.
The new Philippines iGaming licence
Another major development in the iGaming business is the introduction of the Philippines iGaming licence, which is a new type of online gaming licence that allows operators to offer their services to customers outside the Philippines.
The iGaming licence was launched in December 2023 by the Philippine Offshore Gaming Operators (POGO) Regulatory Office, which is the division of PAGCOR that regulates the offshore gaming industry in the country.
The online gaming licence has attracted considerable interest from the iGaming industry, as it offers several advantages over the more established Curacao licence, such as lower fees, faster processing, higher security, and greater flexibility. The iGaming licence also enables operators to access the lucrative Asian market, which accounts for more than 60% of global online gambling revenues.
The importance of language support and localised translations
As the iGaming business in the Philippines continues to grow and expand, it is essential for operators to ensure effective and professional communication with their target markets, especially in regions where English is not the primary language.
Language support and localised professional translations are key factors that can enhance the user experience, trust, and loyalty of customers, as well as increase the conversion and retention rates of operators. By using 1Stop Translations, you can invest in quality language services that will provide accurate, reliable, and culturally appropriate translations of your website, games, marketing materials, and customer support.
Our professional iGaming translations can not only ensure that you remove the language barriers for players all over the world, but they’ll also help you gain a competitive edge and establish a strong presence in the globalised iGaming market, particularly in burgeoning regions such as Asia.
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