The Philippines’ largest online gaming operator, DigiPlus Interactive Corp., recorded a steep profit decline in the third quarter of 2025, following new central bank rules that forced e-wallet providers to disconnect from gaming platforms. Despite the setback, the company’s nine-month performance remained positive.
Strong Year Undercut by E-wallet Restrictions
According to a disclosure to the Philippine Stock Exchange, DigiPlus’ net income plunged 59% to ₱1.71 billion between July and September, as the Bangko Sentral ng Pilipinas (BSP) directive disrupted player transactions across its flagship platforms BingoPlus, ArenaPlus, and GameZone.
The policy, introduced in August, required e-wallet operators to delink in-app access to licensed gaming sites, part of a broader campaign to mitigate risks associated with digital gambling. The move temporarily reduced transaction volumes and player engagement.
As a result, third-quarter revenue fell 23% to ₱19.05 billion, while EBITDA dropped 55% to ₱2 billion. Nevertheless, cumulative performance from January to September remained resilient, with net income rising 16% year-on-year to ₱10.11 billion and total revenue up 30% to ₱66.83 billion, driven by new Pagcor-approved games and product innovations.
“This period demonstrates DigiPlus’ resilience amid temporary setbacks,” said DigiPlus Chairman Eusebio Tanco, as Manila Bulletin reports. “Throughout this period, we continue to focus on digital innovation, player protection, and good governance.”
He added that the company is committed to responsible expansion: “As we grow our business and expand responsibly into new markets, we remain focused on upholding global corporate governance and responsible gaming standards, while creating positive impact on the Filipino nation.”
Industry Disruption and Market Reaction
The BSP’s delinking order quickly reverberated through the gaming sector. Data from the Philippine Amusement and Gaming Corp. (Pagcor) suggested that online gaming transactions fell by nearly 50% between August 17 and 19, though regulators have yet to determine the long-term consequences.
Analysts said DigiPlus’ results reflect the industry-wide disruption but still outperform initial expectations. Alfred Benjamin R. Garcia, research head at AP Securities, noted that the company’s revenues fared better than Pagcor’s broader industry estimate. However, with earnings reaching only 61.5% of full-year projections, Garcia said DigiPlus is “running behind its forecast.”
AP Securities maintained a “buy” rating for DigiPlus, setting a target price of ₱36.90 per share, despite the recent decline in stock value. Shares fell 2.44% to ₱24 as of early November, following its inclusion in the Philippine Stock Exchange Index (PSEi) in August 2025—a milestone reflecting its market capitalization, liquidity, and strong fundamentals.
In response to the regulatory headwinds, DigiPlus announced several initiatives to safeguard users and reinforce compliance. The company launched the Philippines’ first surety bond program for online players in partnership with Philippine First Insurance Co. Inc., offering financial protection of up to ₱1 million per verified player wallet.
To further improve accessibility and trust, DigiPlus partnered with CIS Bayad Center Inc. to expand nationwide over-the-counter payment options, complementing its existing 130 BingoPlus retail outlets and 24/7 customer service operations.
During the nine-month period, DigiPlus paid ₱25.59 billion in government taxes and regulatory fees, marking a 9% increase from ₱23.40 billion a year earlier. However, third-quarter payments fell 26% to ₱7.17 billion due to the temporary slowdown in activity.
Despite a difficult quarter, DigiPlus maintains strong year-to-date growth indicators, reporting EBITDA of ₱11.13 billion, up 19% from the same period in 2024. Executives emphasized that continuous investment in digital innovation, user experience, and responsible gaming practices will remain central to the company’s strategy.
Chairman Tanco reaffirmed DigiPlus’ outlook: “We continue to focus on digital innovation, player protection, and good governance as we expand responsibly into new markets.”
