Digiplus will likely maintain its position as the biggest online gambling player in the Philippines, according to an S&P Global note published yesterday (16 September).
The US financial intelligence business argued Digiplus will continue to navigate the country’s nascent regulatory environment with good product offerings, effective user engagement, and nimble pivots to adapt to policy changes.
It comes after Digiplus has achieved the leading position in the country’s fast-developing regulated market, accounting for approximately half of all legal bets nationwide.
The S&P note said: “Digiplus will likely maintain its dominant 40%-50% share of the Philippine online gaming market over the next two years.
“The company has a big lead over the second-largest player, which has a 15%-20% market share. It benefits from a large user base comprising mainly lower to middle-income gamers.”
The analysts also argued the in-house development team will continue to help Digiplus launch speciality gaming products and entertainment features that suit local tastes, reinforcing its market position.
The B2C operator, they added, has also developed robust user engagement through interactive software interfaces and physical sites across the Phillipines over the past three to four years, enhancing user stickiness and retention.
Risk versus reward
However, S&P also said evolving regulations, as well as its limited business and geographic diversity, also pose risks.
For example, a regulatory order on the delinking of e-wallets with online gambling sites in August 2025 significantly disrupted the industry, with its abrupt implementation underscoring regulatory uncertainty for licensed operators.
This delinking order resulted in Digiplus’ revenue plummeting 23% quarter-on-quarter in Q3 2025, although it had jumped 176% the previous year.
Additionally, several senate bills are currently on the table, the analysts said, which could tighten player protection rules or even totally ban online gaming.
S&P added: “We believe the risk of regulatory intervention is higher in the Philippines than other jurisdictions. This considers the nascency of its online gambling market, given industry legalisation only in 2020. The governing regime for online gambling in the country has a short history and will likely go through several rounds of legislature development before maturing.
“The gaming industry’s low barriers to entry also encourage competition. New entrants could include illegal operators with sizable market shares. Online gambling in general has lower barriers to entry than other gaming segments such as brick and mortar casinos or lotteries. Furthermore, online licences are not exclusive in the Philippines.
“Digiplus’ market dominance and strong balance sheet will offer some mitigation amid market consolidation. Lower online gaming tax rates in the country since 2023 and stricter law enforcement could push more users toward regulated, incumbent operators. This and a recently proposed minimum fee for licensed operators could increase barriers to entry and drive out the smaller players.”
Dingnews.com 18/09/2026