Skip to content
SignalPowered bySign inBack to Digirockstars
All briefs

Daily brief

Regulatory · Philippines · Sat 10 Oct · 1 min read

PH channelization paradox: BSP rules cut licensed share

This brief is supported by

WOMO (opens in a new tab)More about them at the end of the brief

What happened

CDC Gaming's analysis quantifying the Philippine channelization drop from 75% to around 50% after the BSP ordered e-wallets to cut direct links to licensed gambling sites is the clearest measurement yet of regulatory self-harm. The mechanism is straightforward: friction added to licensed deposit pathways pushes price-sensitive players toward offshore alternatives that have no such restrictions.…

Sources: Tavily

Related briefs

  1. PAGCOR's licensed-site app targets illegal operatorsPAGCOR launching a consumer app in December to identify licensed online gambling sites is a direct channelization play, addressing the same problem Signal briefed on October 10: BSP's e-wallet restrictions pushed the licensed market share from 75% to around 50% by adding friction on the deposit side. The app attacks the supply side instead, making it easier for players to verify legitimacy before they register.…Regulatory · Philippines
  2. Philippines excise tax on online gambling moves forwardThe Department of Finance actively studying an excise tax on online gambling, following a public proposal from Executive Secretary Ralph Recto, means this is now a serious policy track rather than a trial balloon. An excise tax would structurally alter the cost base for every licensed Philippine online operator and, if passed through to players via reduced margins or higher minimum bets, risks pushing further traffic to unlicensed alternatives, exactly the dynamic that has driven licensed market share from roughly 75% to around 50% since the BSP e-wallet restrictions.…Regulatory · Philippines
  3. PAGCOR revenue down 23% through nine months4 billion for the first nine months of 2026 is not a soft patch: it is a confirmed structural contraction. The POGO shutdown removed a significant revenue floor, BSP deposit friction cut licensed online market share from roughly 75% to around 50%, and e-gaming weakness has now persisted across three consecutive quarters.…Market · Philippines