S&P Expects DigiPlus to Lead Philippine Online Gaming

DigiPlus Interactive Corp is expected to maintain its position as the Philippines’ largest online gambling operator, with S&P Global Ratings forecasting a market share of 40% to 50% over the next two years.

S&P assigned DigiPlus a B+ rating with a stable outlook in a Thursday note. The ratings agency attributed the company’s strong market position to its product portfolio, user engagement and ability to respond to changes in policy.

DigiPlus currently holds a substantial lead over the market’s second-largest operator, which S&P estimates has a share of between 15% and 20%.

The company has built a broad user base primarily made up of lower- to middle-income gamers. Its position has also been strengthened by interactive software, physical locations throughout the country and gaming products tailored to local customer preferences.

User engagement reinforces DigiPlus position

S&P expects DigiPlus’ in-house development team to continue supporting the launch of specialised gaming products and entertainment features aimed at the local market.

According to the ratings agency, the company has developed strong user engagement through its interactive software interface and physical sites over the past three to four years.

These factors have contributed to user retention and customer loyalty. Maintaining engagement remains important as online gaming operators face increasing competition and relatively low barriers to entry.

DigiPlus’ market share decreased from 47% in 2024 to 41% last year as additional competitors entered the market.

S&P said the company subsequently recovered its share and retained its market leadership following the regulator’s enforcement of e-wallet delinking over the past three quarters.

Monthly active users also recorded a modest recovery during the first half of 2026. However, S&P does not expect the figure to return to pre-delinking levels over the next two years.

Market consolidation could support DigiPlus

S&P said reduced online gaming tax rates in the Philippines since 2023, together with stricter law enforcement, could encourage more players to use regulated operators.

The agency also highlighted a recently proposed minimum fee for licensed operators. According to S&P, the measure could create barriers to entry and encourage smaller market participants to exit.

The ratings agency expects the Philippine online gaming sector to undergo consolidation in the coming years. Larger established operators such as DigiPlus could benefit if smaller competitors leave the market because of cost disadvantages, limited branding and weaker technical capabilities.

DigiPlus’ market position and strong balance sheet are expected to offer some protection during this consolidation period.

S&P also pointed to the company’s recovery following e-wallet delinking as evidence of its ability to adapt. The agency expects DigiPlus to remain competitive as conditions in the market continue to evolve.

Regulatory uncertainty remains a risk

Despite its leading position, DigiPlus remains exposed to changes in the Philippines’ developing regulatory framework.

S&P noted that several Senate bills are under consideration that could introduce stricter player-protection requirements or potentially result in a complete online gambling ban.

The ratings agency considers regulatory intervention an ongoing risk. Tighter requirements could limit industry growth, increase the cost structure for e-games providers and contribute to greater volatility.

S&P said the risk of regulatory intervention in the Philippines is higher than in other markets. Online gambling was legalised only in 2020, leaving the regulatory framework relatively new and potentially subject to further stages of legislative development.

The company’s investments in new projects could also contribute to cash-flow volatility, according to S&P.