DigiPlus Maintains Philippine Online Gaming Lead Despite Competition
Manila, Philippines DigiPlus Interactive Corp. is expected to retain its position as the Philippines’ largest online gaming operator over the next two years despite increasing competition and a more demanding regulatory environment, according to S&P Global Ratings.
The ratings agency assigned DigiPlus a B’ long-term issuer credit rating and a stable outlook, reflecting expectations that the company can recover gradually from regulatory changes affecting digital payment access while continuing to pursue new investment opportunities.
The assessment places DigiPlus’ market position at the center of the Philippine online gaming sector, while also highlighting the challenges facing the operator as new competitors enter the market and regulations affecting online gaming payments continue to evolve.
DigiPlus Philippines online gaming share remains above competitors
According to S&P, DigiPlus’ share of the Philippine online gaming market declined to 41% in 2025 from 47% in 2024, reflecting increased competition from new market entrants.
Despite the decline, S&P expects the company to maintain a market share of approximately 40% to 50% over the next two years.
The agency said DigiPlus retains a significant lead over the second-largest operator, whose market share is estimated at 15% to 20%. S&P attributed the company's position partly to its established branding, product portfolio and large user base.
The assessment comes as the Philippines' regulated online gaming market continues to expand while operators face greater scrutiny over payments, advertising, player protection and responsible gaming.
PAGCOR's latest industry data shows that electronic and online gaming remains a major component of the country's regulated gaming economy.
Regulatory changes remain a key factor
S&P's stable outlook also reflects its expectation that DigiPlus will gradually adjust to regulatory changes, including measures affecting the connection between electronic wallets and online gaming platforms.
The changes followed the Bangko Sentral ng Pilipinas' 2025 directive requiring mobile wallet and payment providers to remove in-app links to online gambling platforms. The measure affected payment access across the industry and contributed to weaker online gaming activity.
S&P nevertheless expects DigiPlus to navigate the changing regulatory environment through product development, user engagement and adjustments to its operating strategy.
DigiPlus has also publicly highlighted responsible gaming, player protection and corporate governance as elements of its strategy as the regulatory framework develops.
For the wider Philippine online gaming industry, the issue is increasingly one of balancing continued digital growth with tighter controls around payments, consumer protection and compliance.
DigiPlus expands beyond online gaming
While its domestic online gaming business remains its core market, DigiPlus is pursuing diversification through land-based casino investments and international online gaming operations.
S&P identified expansion into Brazil and South Africa, alongside the company's land-based casino initiatives, as potential sources of longer-term diversification. The agency also noted that these initiatives introduce execution risks as DigiPlus expands beyond its established domestic online gaming operations.
S&P expects the new initiatives to contribute approximately 10% to 20% of revenue and EBITDA by 2027 once they reach scale.
The company's broader strategy is already reflected in its investment activity. DigiPlus has invested in International Entertainment Corp. (IEC), while its latest investor materials identify strategic expansion and diversification as part of its growth plans.
Financial pressure expected before recovery
Despite its market position, S&P does not expect DigiPlus' revenue trajectory to remain uninterrupted.
Under its base-case scenario, the ratings agency expects revenue to decline by 17% in 2026, followed by 5% organic growth in 2027.
Including the consolidation of IEC, S&P projects total revenue growth of 17% in 2027.
DigiPlus' own second-quarter figures provide additional context. The company reported ₱15.6 billion in Q2 2026 revenue, while EBITDA reached ₱2.84 billion. Monthly average bettors and depositors increased 26% quarter-on-quarter to 4.68 million, while average monthly active users reached 5.75 million.
However, gross gaming revenue fell 9% quarter-on-quarter to ₱15.61 billion during the period, illustrating the pressure facing the company even as user engagement indicators improved.
Product portfolio supports market position
DigiPlus operates three principal digital platforms: BingoPlus, ArenaPlus and GameZone.
BingoPlus focuses on digital bingo and related games, ArenaPlus provides sports betting, while GameZone offers card games and casino-style online games. The company also operates a physical network of approximately 130 sites in the Philippines.
The company's recent product expansion has included new digital entertainment offerings, while its broader strategy has increasingly positioned DigiPlus as a digital entertainment ecosystem rather than solely an online gaming operator.
This diversification could become increasingly important as competition in the Philippine online gaming market intensifies and regulatory requirements become more stringent.
Outlook for the Philippine online gaming market
S&P's assessment points to a Philippine online gaming sector entering a more mature and competitive phase.
DigiPlus continues to hold a substantial market lead, but the reduction in its estimated market share from 47% in 2024 to 41% in 2025 demonstrates the effect of new competition.
At the same time, regulatory changes have altered the payment environment, while the company's planned expansion into land-based and overseas markets introduces a different set of execution considerations.
For DigiPlus, the next stage of growth therefore depends not only on maintaining its domestic online gaming customer base but also on adapting to regulation and determining how effectively its diversification strategy can contribute to future earnings.
S&P's current assessment indicates that the company expects to remain the largest participant in the Philippine online gaming market through the next two years, although its financial and strategic performance will continue to be influenced by competition, regulation and expansion execution.
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Sources
The Philippine Star “DigiPlus to sustain win streak in Philippines online gaming industry,” September 22, 2026.
DigiPlus Interactive Corp. Q2 2026 financial results and operating update.
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