A year ago, as Congress debated bills to ban online gambling outright, Arden argued for a different path: keep legal play visible to the State, regulate it well, and aim enforcement at illegal operators. Twelve months on, the headline numbers look unkind. PAGCOR’s first-half 2026 revenue fell almost 27%, and eGames takings by more than 40%.
It would be easy to read that as failure. I think it is closer to the opposite. The legal market is smaller because PAGCOR made it harder to enter casually and more expensive to operate badly, and the measure that truly matters, the share of play on licensed, accountable platforms, has moved the right way.
PAGCOR should not protect incumbents from legitimate competition. Its task is to protect the regulated market from competitors that follow none of its rules and do not pay taxes.
Revenue is a poor scorecard for regulation. Channelization is the real one. In Arden’s latest Insights white paper, Smart Regulation, One Year On, I lay out where that balance is fragile, and what operators and regulators should be doing now to protect it.
Connect with us at Arden Consult.
Arden Consult advises operators, suppliers, and investors navigating the Philippines’ evolving gaming framework — from licensing and B2B accreditation to compliance, market entry, and regulatory strategy. As the rules tighten and the bar for a meaningful license rises, the operators who thrive will be those who prepare early. Whether you are already licensed or weighing your first move into the regulated market, we can help you read the direction of travel and position for it. Connect with Arden to discuss what the year ahead means for your business.
Contact us at info@ardenconsult.org .
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ABOUT ARDEN CONSULT
Arden Consult is a premier legal and regulatory advisory firm with cross-sector expertise in iGaming, fintech, digital assets, and technology, media, and telecommunications (TMT). The firm advises clients on regulatory authorization, compliance frameworks, market entry, and stakeholder engagement across Philippine regulators including the SEC, BSP, PAGCOR, AMLC, and NTC.