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The Philippine Government is now considering a big change in the online gambling industry. Top officials are discussing whether all licensed operators should be listed on the Philippine Stock Exchange (PSE). The goal? To boost transparency, accountability, and public confidence while raising additional tax revenue.
Why list on the PSE?
Finance Secretary Ralph Recto has highlighted the benefits of public listing. When companies go public, they must disclose financial performance, ownership structures, and board members. This information becomes accessible to regulators, investors, and everyday citizens. In effect, it brings online gambling platforms out of the shadows and into the open.
A PSE listing also requires maintaining strict governance standards. That means clearer reporting, stronger oversight, and fewer chances for hidden conflicts. In Recto’s words, it could reveal the identities of those behind the platforms.
New taxes on the table
Just requiring a stock exchange listing isn’t the end of the story. Authorities in the Finance Department, PAGCOR, and the Bureau of Internal Revenue are also discussing higher taxes and fees. One proposal is to raise the current levy by another 10 percent. That could bring in an estimated PHP 10 billion (about US$170 million) per year.
At present, licensed online gambling platforms pay:
- 30 percent to PAGCOR
- 5 percent franchise tax to the Bureau of Internal Revenue
- Additional fees for audits and licensing
An additional 10 percent would significantly increase the sector’s fiscal footprint, while potentially deterring smaller operators from entering the market.
Industry reaction: mixed signals
Some operators are pushing for clearer regulations and public accountability. DigiPlus Interactive Corp, which runs BingoPlus, ArenaPlus and GameZone, publicly supports both a PSE listing requirement and stronger regulation. The company points to its own know-your-customer, age-gating, and behavioural monitoring practices as examples of responsible operations.
But DigiPlus has also felt the consequences of market turbulence. Earlier this year, its share price plunged 30 percent in a day, and it has lost a total of 70 percent since its peak in June. A PSE listing means more scrutiny and volatility, and that may deter some investors.
Bloomberry Resorts Corp, known for its MegaFUNalo platform, recently dropped 5.6 percent in value on the same news. Analysts pointed to policy uncertainty as a driver of investor concern.
A broader push for tighter oversight
This move is not happening in isolation. It follows a bill from Senator Sherwin Gatchalian, which called for stricter checks on online gambling. It also aligns with Bangko Sentral ng Pilipinas (BSP) proposals to curb the use of e-wallets for gambling, amid rising concerns over youth access and money laundering.
Together, these reforms suggest the Philippines is preparing a multi-layered regulatory framework. It is aimed at bringing operators into publicly visible environments while tightening financial and technological controls.
What this means for the sector
If mandatory PSE listing and higher taxes go ahead, the online gambling landscape could look very different by 2026.
New public listings will require operators to strengthen governance, audits, and public communications.
Higher taxes may squeeze margins or slow growth for smaller platforms.
Stronger oversight, especially around e-wallets and youth access—could improve the sector’s credibility but raise compliance costs.
Operators who want to stay ahead should consider accelerating steps toward corporate governance, auditing frameworks, and possibly even early preparations for a public introduction.
Source: Gambling Insider
