Amid calls for structural change and reach of the Philippine gambling regulator and operator, PAGCOR achieves record revenues in the third quarter of the year. It proved that the gambling industry remained an excellent source of income for the country. That’s why gaming firms, such as Bwager betting software company, are investing in the country.
According to a sportsbook pay per head blog, PAGCOR has reported that its revenue from gambling activities has climbed by 50% year on year. As of September 30, the stated amount covering the three months ending on that date was PHP14.5 billion (about $249.8 million). This figure was more significant than the previous year’s figure of PHP7.1 billion (about $122.3 million). The trend has continued this year, with PAGCOR reporting an 8.2 percent increase in Q2 earnings.
PAGCOR’s financial performance has provided it with a powerful negotiating weapon in the face of efforts to privatize the regulator and its operations. Also, it becomes one of the reasons for the dissolution of the POGO industry, which has been a contentious issue. Recently, several Philippine industry organizations urged the government to close POGOs, citing increased tensions with China, an important regional partner.
PAGCOR Achieves Record Revenues
According to sports handicapping reports, PAGCOR has given PHP39.2 billion ($675.4 million) in the first nine months of this year. Net profit alone reached PHP3.48 billion ($60 million), representing a 1,790 percent growth over the first months of 2021. The budget was also surpassed by 2,062 percent overall. Despite the lingering effects of the COVID-19 epidemic, reduced visitor influx from China and other nations, and increased antagonism toward the gaming industry, PAGCOR is shown resilience.
The Philippines recently removed the necessity for mandated vaccination proofs upon arrival and any accompanying checks that can now be performed upon admission. PAGCOR is eager to keep delivering results for the Philippines while contributing to the public budget.
However, PACOR is equally committed to discouraging any attempts to intrude on its model for as long as possible. Also, it doesn’t want to modify its structure without adequate proof that the change will benefit society rather than hidden private interests.
