GCash Carries Most Casino Payments in Our Data. What Its Listing Means for Operators.

Signal Spotlight · Philippine payments and the Mynt IPO

Disclosure: the transaction share cited below comes from Digirockstars' own work with online casino clients, not from public data.

What happened

According to GMA News and FinTech Futures, Mynt has set the offer price at ₱6.60 per share for 8,027,409,600 common shares in the base offer, worth about ₱53 billion ($845 million). An overallotment option of up to 1,204,111,400 secondary shares would take the total to as much as ₱60.9 billion ($971.3 million) if fully exercised. FinTech Futures, citing the Wall Street Journal, puts the valuation at about $7 billion. Shares are expected to begin trading on the PSE main board on 20 October under the ticker GCASH.

The size claim needs care. Monde Nissin raised ₱55.89 billion in 2021, the previous record. The base offer is below that figure. Only the full ₱60.9 billion, with the overallotment fully exercised, would pass it. InsiderPH also reports that about 80% of the base offer is existing shares, so most of the money would go to current shareholders rather than into the business.

On the price, Mynt has said ₱10 a share was never the price it expected to list at. It describes that figure as an administrative "up to" price required for the listing application. Bloomberg had earlier reported that a ₱10 price could value Mynt above $10 billion. So the lower final price is not clearly a sign of weak demand, and we are not reading it as one.

GCash and gambling: what we know

The 2025 BSP order. In August 2025, the Bangko Sentral ng Pilipinas ordered e-wallets to remove in-app links and icons leading to online gambling platforms. GCash and Maya both said they would comply, according to the Philippine Star.

GCash's own view. At the time, GCash said the order had no material impact on its revenue. Globe Telecom's chief executive described the business as "highly diversified". No gambling revenue figure was disclosed.

The prospectus. InsiderPH reports that Mynt lists BSP regulation as a risk and cites the 2025 directive on gambling links as an example of how such actions can affect revenue. It does not quantify any gambling-related revenue.

What operators see. The order removed in-app links. It did not remove GCash from the operator's side of the business. In Digirockstars' work with online casino clients, GCash still accounts for about 90% of all deposit and withdrawal transactions. That is our own client data, not a market-wide figure, but it shows how much of the volume sits on one wallet.

What we did not find. We found no statement from Mynt or GCash on how it will treat gambling partners after listing, and no announced change to its merchant policy.

Why it matters

The signal is concentration. If one wallet carries about 90% of an operator's payment flow, then that wallet's disclosures, risk appetite and compliance stance are an operating risk. A listed company reports quarterly and answers to analysts and institutional investors, so how Mynt describes its gambling-related exposure will now be public in a way it was not before.

Our reading is that tighter compliance at a listed GCash would most likely fall on unregulated and offshore sites, not on licensed operators who can show their PAGCOR license and a clean payment structure. If that is right, a more restrictive GCash could improve the position of compliant operators, and a properly structured, BSP-compliant pathway would help them most. This is our view, not something Mynt or GCash has said. A stricter stance could also be applied broadly, so it is not a safe assumption.