Philippines eyes stock market listing for iGaming firms
In a move aimed at improving transparency and tightening regulation of the online gambling sector, the Philippine government is exploring the possibility of requiring operators to list on the Philippine Stock Exchange (PSE), according to a local media report.
Department of Finance (DOF) Secretary Ralph Recto said that mandatory listing for firms licensed by the Philippine Amusement and Gaming Corporation (PAGCOR) is among the policy options being studied. By enforcing stock exchange listing, the government seeks to identify the individuals behind online gambling operations and hold them to more rigorous reporting standards.
Under the PSE rules, publicly listed companies are required to regularly disclose key details about their ownership, financial information, and business activities. Officials said that applying these standards to iGaming firms could bring more transparency to an industry that has come under increasing scrutiny.
In addition to potential listing requirements, the government is also considering raising the taxes and fees charged to online gambling firms. Recto said a 10 percent increase in combined remittances and fees could generate an extra PHP10 billion ($175.5 million) for the government annually.
Recto added that authorities may consider making stock listing and higher remittance rates simultaneous requirements for continued operations. These moves are part of a broader effort to regulate the industry more tightly while addressing public concerns over unregulated platforms and gambling addiction.
DigiPlus supports reforms
DigiPlus Interactive Corp., one of the most prominent online gambling operators in the country, expressed support for stronger regulation. The firm operates BingoPlus, ArenaPlus, SpinPlus, and GameZone—among the most popular digital gaming platforms in the Philippines.
DigiPlus has seen its share price decline steeply in recent weeks. On Thursday, the company recorded its worst market performance to date, with shares plunging by nearly 30 percent to PHP19.54 ($0.34). The stock is now down 70 percent from its 52-week high reached in June, just before calls for a crackdown on online gambling intensified.
Despite the market turmoil, DigiPlus stated that it supports smart and balanced regulation. The company also emphasised the importance of protecting players and preventing illegal platforms from operating. The firm said it has implemented customer verification protocols, including checks for government-issued IDs and age restrictions. It also deploys behavioural safeguards during gameplay and offers referrals to mental health professionals.
Impact on industry players
Another listed company, Bloomberry Resorts Corp., which recently launched the MegaFUNalo platform as a direct competitor to DigiPlus, also saw its stock price fall by over 5 percent. Analysts attribute the stock market volatility to increasing regulatory pressures and uncertainty over proposed reforms. Bloomberry’s entry into the domestic iGaming space through MegaFUNalo has added competition in a fast-growing but now heavily monitored market.
Regulatory push gathers pace
Calls for tighter regulation have intensified following the filing of a bill by Senator Sherwin Gatchalian aimed at curbing gambling addiction. The proposal triggered a sell-off in gaming stocks and prompted regulatory bodies to scrutinise industry practices more closely.
The Bangko Sentral ng Pilipinas, the Philippine central bank, has also announced plans to restrict the use of e-wallets for transactions related to gambling, further tightening the financial environment for operators.
Despite the challenges, government revenue expectations remain high. Recto stated that, with current remittance and tax structures, collections from the iGaming sector could exceed PHP200 billion ($3.5 billion) in 2025.
