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Market · Mon 3 Aug · 3 min read

PAGCOR revenue collapse deepens with Middle East excuse

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What happened

PAGCOR posted H1 2026 total revenues of PHP43.3 billion, down 26.6% from PHP59.1 billion in H1 2025. Gaming operations revenue, the core line, fell 27.1% to PHP38.9 billion. The sharpest drop was in the online segment: eGames, eBingo, and bingo grantee revenues collapsed 41.9% to PHP18.6 billion. Net operating income fell 35.1% to PHP31.8 billion. Net income fell 85.3% to PHP1.58 billion, a figure made worse by the Supreme Court ruling that PAGCOR must now remit 5% of gross income to the Philippine Sports Commission rather than using its previous, narrower computation. PAGCOR's chairman cited Middle East conflict as a contributing factor. No mechanism was offered for how a regional war suppresses Philippine e-wallet deposits.

The BSP's order requiring payment providers to sever e-wallet links to licensed online gaming operators remains in effect and has not been reversed or modified. That order removed the dominant deposit channel for online players. The revenue data shows the consequence directly.

Why it matters

Sources: IAG

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