Philippines Digital Gaming Boom: Bloomberry Bets Big on iGaming Amid Market Evolution

The Philippine gaming landscape is undergoing a remarkable digital transformation, with established casino operators pivoting toward online platforms to capture new revenue opportunities. Bloomberry Resorts, the operator behind the prestigious Solaire brand, has announced ambitious plans to strengthen its digital presence amid record-breaking growth in the country’s iGaming sector.

The Explosive Growth of Digital Gaming in the Philippines

The numbers tell a compelling story of an industry in rapid evolution. According to recent PAGCOR (Philippine Amusement and Gaming Corporation) data, the country’s gross gambling revenue (GGR) surged by 24.6% in 2024, reaching PHP410 billion ($7.16 billion) – setting a new annual record that significantly outpaced the PHP329 billion generated in 2023.

While traditional land-based casinos remain the backbone of the industry with PHP201 billion in revenue, the iGaming sector – referred to as “E-Games” by regulators – has emerged as the star performer. Online gaming revenues skyrocketed by an astounding 165% year-on-year to PHP154.51 billion. This exceptional growth meant the sector had already achieved its full-year target of PHP100 billion by September 2024, underscoring the accelerating shift toward digital platforms.

Industry experts attribute this phenomenal growth partly to PAGCOR’s strategic adjustments in fee structures. Recent amendments included gradually reducing fees for iGaming operators, with rates falling from as high as 55% to just 30% of GGR as of January 2024. According to PAGCOR Chairman Alejandro Tengco, these reductions encouraged previously unregistered operators to join the regulated market, preventing closures and sustaining profitability across the sector.

Bloomberry’s Strategic Digital Evolution

Bloomberry’s journey into digital gaming began out of necessity rather than design. When the pandemic forced physical casino closures, the company secured regulatory approval to accept online bets, launching Solaire Online in April 2021. What started as a contingency measure has since evolved into a cornerstone of the company’s future strategy.

The digital initiative represents Bloomberry’s strategic effort to diversify its business model and tap into the fast-growing online gaming segment in the Philippines.

Chairman and CEO Enrique K. Razon Jr., during the company’s virtual annual stockholders’ meeting on April 24, explained Bloomberry’s efforts as an attempt to diversify their business and expand into the promising online market. He expressed confidence that the online platform will contribute significantly to both profit and revenue streams, especially as the company works to recover from recent financial challenges.

This digital pivot comes as Bloomberry prepares to launch an enhanced online gaming platform in late May or early June 2025. According to Razon, the new platform is already functional and currently undergoing rigorous system testing. Once deployed, it will directly compete with established electronic gaming operators such as BingoPlus, which has dominated the online bingo and casino games market.

The Competitive Landscape: BingoPlus Dominance and Market Dynamics

Any discussion of Philippines online gaming inevitably centers on BingoPlus, the digital entertainment juggernaut that has redefined the market since its 2022 launch. With over 38 million Filipino users already on board, BingoPlus has established itself as the platform to beat.

DigiPlus Interactive Corp., the company behind BingoPlus, continues to show strong momentum. The company’s president, Andy Tsui, recently announced projections of 10-20% revenue growth for 2025, with plans to attract an additional 5-10 million registered users this year through new game launches and content diversification.

BingoPlus currently draws most of its players from the National Capital Region, though expansion efforts targeting provincial areas are underway. The platform’s typical users fall within the 30-45 age bracket – individuals with disposable income specifically allocated for online betting. To fuel its ambitious growth plans, DigiPlus has earmarked a capital expenditure budget of ₱1.5-2 billion for 2025, with half devoted to technology and game development initiatives.

Bloomberry’s Financial Context: Mixed Results in 2024

Bloomberry’s digital expansion strategy emerges against a backdrop of financial challenges. Despite growing consolidated net revenues by 10% to ₱53.1 billion in 2024, the company suffered a steep 72.6% drop in consolidated net income to ₱2.6 billion, down from ₱9.5 billion in 2023.

This sharp decline wasn’t due to operational weaknesses but rather to significant depreciation and interest expenses associated with the new Solaire Resort North and a ₱706 million one-off gross receipts tax. The fourth quarter proved particularly challenging, with Bloomberry reporting a net loss of ₱920.2 million compared to a ₱1.3 billion profit during the same period in 2023.

On a more positive note, Bloomberry’s gross gaming revenue increased by 6% to ₱61.7 billion in 2024, primarily driven by contributions from Solaire North, which recorded 221 days of operations throughout the year. Razon remains optimistic despite these mixed results, emphasizing that Solaire North “continues to gain traction in daily foot traffic and revenue” and offers “exceptional world-class offerings well-suited for the demand environment in the northern portions of the Greater Manila Area”.

The Post-POGO Landscape: New Opportunities in a Transformed Market

Bloomberry’s aggressive online push comes at a pivotal moment following President Ferdinand Marcos Jr.’s July 2024 decision to ban all Philippine Offshore Gaming Operators (POGOs). In his third State of the Nation Address, Marcos cited POGOs’ involvement in illicit activities including “scamming, money laundering, prostitution, human trafficking, kidnapping, torture, and murder” as the reasoning behind the ban.

“The grave abuse and disrespect to our system and laws must stop,” Marcos declared, instructing PAGCOR to “wind down and cease all operations of POGOs by the end of the year”. While necessary from a regulatory perspective, this decision created significant market disruption, with the Association of Service Providers and POGOs warning that approximately 23,000 Filipinos could lose their jobs.

For licensed operators like Bloomberry, however, the POGO ban created new opportunities to expand digital footprints without competing against often unregulated entities. This regulatory shift has accelerated the transition toward a more formalized, transparent online gaming ecosystem – one where established casino brands with strong compliance histories have distinct advantages.

The situation remains fluid, however. Some former POGOs have reportedly resisted closure, employing what industry observers describe as “guerrilla tactics” to maintain underground operations. This has created ongoing challenges for regulators and legitimate operators alike as they work to stabilize the market.

Technology Enablers: Smartphone Penetration Driving Accessibility

The explosive growth of online gaming in the Philippines rests on a foundation of increasing smartphone penetration. According to International Data Corporation (IDC), the Philippine smartphone market grew by 6% to nearly 18 million units in 2024, despite economic headwinds including a weakened peso and destructive typhoons.

This growth has been fueled by greater availability of affordable devices. IDC reports that more than half of smartphones shipped to the Philippines in 2024 were priced below $100, driving the average unit cost down to $179 from $192 in 2023. This democratization of technology has dramatically expanded the potential player base for online gaming platforms.

Chinese manufacturers have capitalized on this trend, with Transsion (maker of Infinix, Tecno, and Itel phones) capturing 37% of the market through its focus on entry-level devices. The proliferation of affordable smartphones has created an environment where digital entertainment platforms can reach millions of Filipinos who previously lacked access to such services – a trend that directly benefits companies like Bloomberry as they expand their online presence.

PAGCOR’s Evolving Regulatory Framework

The Philippines’ gaming regulator has been actively refining its approach to internet gaming operations in response to the sector’s rapid growth. In July 2023, PAGCOR introduced stringent new rules aimed at maintaining the highest standards of integrity across the online gaming ecosystem.

These regulations significantly raised the bar for market entry, increasing capital requirements for internet gaming licensees to ₱100 million (with ₱25 million paid up) from the previous ₱15 million (with ₱3 million paid up). Licenses are now valid for only two years, are site-specific, and carry a minimum guaranteed fee of $100,000 per month.

The new framework also clearly defines permitted gaming activities, limiting authorized games to livestream e-casino games, online random number generator (RNG) games, and online sports betting. Operating sites are restricted to a maximum floor area of 25,000 square meters per location, further tightening control over physical infrastructure supporting online operations. Interestingly, there are no explicit mentions of rules for gambling using cryptocurrencies.

While these regulations have created additional compliance burdens, they’ve also strengthened market stability and consumer confidence – both essential elements for sustainable long-term growth in the online segment.

Bloomberry’s Three-Pronged Strategy for Future Growth

Looking ahead, Razon has outlined a comprehensive three-fold approach to navigate current market dynamics:

Tactically speaking, our goals are three-fold: redirect Solaire Entertainment City back to growth; increase revenues at Solaire North bringing it to profitability; and further broaden our presence in online gaming.

This balanced strategy acknowledges that while online growth presents tremendous opportunities, Bloomberry remains fundamentally committed to its core land-based operations. The company’s ability to leverage synergies between physical and digital channels could provide significant competitive advantages as the market continues to evolve.

Industry analysts suggest that Bloomberry’s established brand reputation and experience operating under strict regulatory frameworks position it favorably for online expansion, despite intense competition from pure-play digital operators. The company’s deeper understanding of high-value player preferences and behaviors – gained through years of land-based operations – could translate into more effective player acquisition and retention strategies in the digital realm.

As Philippines gaming continues its digital transformation, Bloomberry’s strategic pivot represents both a necessary adaptation and an exciting opportunity to reshape the company’s future in an increasingly connected gaming landscape.