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Maybank Securities, in a recent report, estimated that DigiPlus Interactive Corp will bounce back from some recent regulatory headwinds and return to a sharp growth trajectory in 2026. The investment bank has initiated coverage on DigiPlus, the leading online gaming and bingo operator in the Philippines. It mentioned that the company enjoys a dominant market share of 41 percent in the online gaming sector of the country.
Impact of Regulatory Restrictions
From a business that, until 2022, focused on traditional bingo and electronic games, more than 90 percent of DigiPlus’s revenues come from online gambling today. However, its share price tumbled about 70 percent from an earlier record high of Php65.30 to around Php20.50, following a Senate inquiry into the online gaming business and new advertising and e-wallet restrictions limiting gaming payments.
Projected Growth and Recovery
Maybank analyst Raffy Mendoza projects a 21% growth in EPS for DigiPlus in 2026. He actually increased his forecast for the company on the back of a recovery in monthly active users and average revenue per user, improved EBITDA margins from reduced franchise fees and taxes, as well as continued gaming product diversification on the back of market leadership.
Potential Business Expansion
The potential for added growth may arise when DigiPlus expands operations to offshore markets and possibly acquires a traditional casino. These expansion plans will continue to lower franchise fees and taxes, thus increasing profitability. While there are many challenges at this point, Maybank still estimates the fair value of the DigiPlus share at Php30.80, derived from a 10-year cash flow projection.
Industry and Regulatory Landscape
Mendoza continued by saying that even more restrictive regulations would then take effect, which would impact the behavior of players and the market status. He once again drove the point home that an outright ban on online gaming within the country’s borders was unlikely to materialize. Rather, the evolving regulatory environment should be directed toward tighter regulation but not prohibition to ensure the continuity of economic value from the industry while better protecting consumers.
Company Commitment to Responsible Gaming
Separately, DigiPlus has expressed support for balanced and smart regulations that protect players and ensure accountability. The implementation of responsible gaming on its platform has involved strict Know Your Customer, deposit limits, self-exclusion, cooling-off periods, and the active revision of marketing to adhere to new guidance on advertising. It works in cooperation with civil society groups to propagate financial literacy and digital responsibility.
Sustaining Market Leadership
Being a publicly listed homegrown company committed to expansion into global markets, DigiPlus is dedicated to working with lawmakers and regulators in establishing sound industry standards. As seen through its continuous investments in compliance technology to support the players in attaining the goal of upholding trust and transparency as essential aspects for the sustainable future of online gaming in the country, the Maybank report reflects cautious optimism on the prospects of DigiPlus amid a reshaping regulatory landscape, a fact that emphasizes resilience and adaptability as it stands strong against regulatory headwinds, while sustaining growth in the years to come.
Source: Inside Asian Gaming (IAG)
