The Philippine online gambling industry has recently taken a hit. As Senator Zhang Qiaowei proposed a bill to strengthen regulation, market confidence was undermined, and several gambling concept stocks plummeted. The gaming giant DigiPlus (PLUS) saw its stock price plummet by 40% during the session, closing down nearly 41%, and local gambling operator Bloomberry also fell by 12%, causing severe shocks in the investment market.
Zhang Qiaowei's bill does not completely ban online gambling, but suggests prohibiting the use of e-wallets (such as GCash and Maya) for betting, raising the minimum deposit threshold to 10,000 pesos, and increasing the participation age limit to 21 years. He pointed out that the popularity of electronic payment tools is accelerating the spread of gambling, causing serious impacts on society, especially on low and middle-income groups. He emphasized that stricter control must be implemented without driving the industry underground.
The bill also provoked strong opposition from the Catholic Church. Cardinal David bluntly stated that the government's laissez-faire attitude towards the gambling industry exposes young people to the temptations of so-called "pocket casinos," fostering addiction and social problems.
Despite the surge of criticism, online gambling has become a mainstay of the Philippine gambling industry. The Philippine gambling regulatory body PAGCOR revealed that in the first quarter of 2025, electronic gambling revenue reached 51.39 billion pesos, accounting for nearly half of the national gambling total revenue, historically surpassing traditional physical casinos for the first time.
PAGCOR Chairman Teng admitted that online gambling is a trend, but current regulation is significantly lagging, and a balance must be found between industry development and consumer protection. As of mid-June, 64 system operators and 12 platforms have been approved to go online, with the industry expansion far outpacing regulatory responses.
In this context, the online gambling giant DigiPlus (whose parent company owns the BingoPlus platform) has become the center of the storm. This stock suffered a heavy setback on the Philippine Stock Exchange during the week, with trading volume more than doubling, reaching a three-month high. Its stock price fell from a high of 65.30 pesos to a low of 37.55 pesos, closing at 38.75, a significant drop from the previous trading day, with a severe evaporation of market value.
BingoPlus is currently the most influential online gambling brand in the Philippines, with a broad user base. If the policy is implemented, it will have a substantial impact on its operational capabilities. Although the bill has not yet been officially passed, the market has already reacted violently, and investor sentiment continues to be depressed.
Currently, DigiPlus has not yet responded to the stock price plunge and legislative trends. All sectors are closely monitoring the subsequent movements of the Philippine Congress and whether the government will increase regulation, as the uncertainty in the gambling industry continues to escalate.
