Philippines Online Gaming Data Shows Onshore Operators Gaining Ground

More than half of the expected gaming income earned from players in the Philippines was from offshore operators that were not regulated under any licenses in the country, according to findings from Blask, an insights platform built on artificial intelligence that specializes in the gaming market.

Revenue Split Narrows

Blask said projected revenue, measured through what it calls the competitive earning baseline, reached a midpoint of US$1.17 billion across 257 active operators. That figure was up 32% from the first quarter of 2025. The platform defines the competitive earning baseline as an AI-driven projection of the realistic gross gaming revenue a brand should capture in a specific market, rather than a standard internal profit-and-loss metric.

For the 3 months to March 31, offshore operators serving the Philippine market accounted for an estimated 46% of projected brand revenue, equivalent to about US$535 million at the midpoint. Licensed onshore operators, or those approved by the Philippine Amusement and Gaming Corp, made up the remaining 54%, or around US$637 million.

Blask said the split between offshore and onshore operators narrowed over the quarter. In January, the difference between onshore and offshore gaming income stood at about even figures at 51% and 49%. However, by March, the difference between the two had increased considerably, with onshore gaming companies earning 58%, while the other 42% was attributed to offshore gaming businesses.

Demand Versus Reported Revenue

The analytics firm said some differences between PAGCOR’s online gaming data and the figures it observed could be linked to reporting scope. Blask said its analysis showed first-quarter consumer demand for online gambling brands in the Philippines rose sharply over the same period, while Pagcor reported a 15.9% year-on-year decline in aggregate GGR to PHP87.60 billion, or US$1.42 billion.

PAGCOR’s decline was driven by its electronic gaming segment, which includes e-bingo, e-games, and bingo grantees. That segment fell 22.4% year-on-year to PHP39.90 billion. Blask said the contrast reflects the different ways each set of figures is compiled. It explained that PAGCOR’s numbers capture its licensed operator framework and land-based venues, while Blask tracks consumer-facing digital demand, including offshore brands that fall outside PAGCOR’s reporting perimeter.

Brand Momentum Shifts

Blask Index, the platform’s measure of brand demand, nearly tripled year-on-year for the Philippine market in the 3 months to March 31. The firm said its data showed clear movement within the licensed segment, even as offshore operators still accounted for a large share of projected revenue.

The company also pointed to its top 10 brands by Brand’s Accumulated Power, or BAP, which it defines as a brand’s share of total market demand in a given country and period. Of the top 8 performing brands, 7 grew their Blask Index by more than 400% compared to the previous year, with 3 having grown more than 3,000%.

All the top 8 operators were registered under the PAGCOR license, while the other two were offshore and had seen a decrease in income since last year. Blask said that the pattern points to competitive redistribution within the licensed segment rather than uniform market expansion.

Philippines Online Gaming Data Shows Onshore Operators Gaining Ground

Revenue Split Narrows

Demand Versus Reported Revenue

Brand Momentum Shifts

Comments