S&P Expects DigiPlus to Retain Up to 50% of the Philippine Online Gaming Market

DigiPlus Interactive Corp is expected to remain the largest online gambling operator in the Philippines, with a market share of between 40% and 50% over the next 2 years, according to S&P Global Ratings.

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S&P assigned DigiPlus a B+ rating with a stable outlook in a Thursday note. The ratings agency said the company’s strong market position is supported by its product offerings, user engagement, and ability to adjust to policy changes.

DigiPlus has a significant lead over the second-largest operator in the Philippine online gaming market. S&P said the next-largest player holds between 15% and 20% market share.

The company benefits from a large user base that mainly consists of lower- to middle-income gamers. Its market position has also been supported by interactive software, physical sites across the country, and gaming products designed for local customer preferences.

User Engagement Supports Market Position

S&P said that DigiPlus’ in-house development team will continue helping the company launch specialty gaming products and entertainment features that suit the local market.

The ratings agency said the company has built strong user engagement through its interactive software interface and physical sites over the past 3 to 4 years.

This has helped strengthen user retention and customer loyalty. The ability to keep users engaged is important in a market where online gaming operators face growing competition and low barriers to entry.

DigiPlus saw its market share decline from 47% in 2024 to 41% last year, as more competitors entered the market.

However, S&P said the company was able to recover its share and maintain its market leadership after the regulator enforced e-wallet delinking during the past 3 quarters.

The company’s monthly active users recovered modestly in the first half of 2026. However, S&P said the number may not return to pre-delinking levels over the next 2 years.

Consolidation May Benefit DigiPlus

S&P said lower online gaming tax rates in the Philippines since 2023 and stricter law enforcement could move more players toward regulated operators.

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The ratings agency also pointed to a recently proposed minimum fee for licensed operators. It may impose certain barriers to entry and cause smaller participants to withdraw from the market.

S&P sees that the Philippine online gaming market will be consolidated in the coming years. Larger incumbents such as DigiPlus could benefit if smaller competitors leave because of cost disadvantages, limited branding, and weaker technical capabilities.

DigiPlus’ market dominance and strong balance sheet are expected to provide some protection during a period of consolidation.

The ratings agency said the company’s ability to adapt has already been shown through its recovery after e-wallet delinking. S&P expects DigiPlus to remain competitive as the market continues to change.

Regulatory Risks Remain

Despite its market position, DigiPlus faces risks from the Philippines’ developing regulatory environment.

S&P said several Senate bills are being considered. These could impose stricter player-protection requirements or potentially lead to a complete ban on online gambling.

The ratings agency described regulatory intervention as an ongoing risk. Tighter regulation might hinder industry growth, add to the cost structure of e-games providers, and result in more volatility.

S&P pointed out that the risk of regulatory interference in the Philippines was higher compared to other markets. The online gambling market was legalized only in 2020, meaning the regulatory system remains relatively new and could go through several further stages of legislative development.

The company’s investments in new projects may also create cash-flow volatility, according to S&P.

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Source: Inside Asian Gaming