Drivers of the Philippines Casino Industry Explored
The Philippines currently holds one of the largest casino gaming markets in the world, with gambling still standing as one of the country’s most popular recreational sports amongst locals and tourists alike.
The value of the gaming market in the Philippines is on the rise due to the massive interest in casino gaming, with some expecting it to rise to as much as $6 billion by 2018.
Moreover, it is not simply the action of gambling, but single factors that essentially drive the Philippines casino industry, all of which hold individual importance.
Philippines Casino Gaming Market Segments
The gaming market with regards to Philippines casinos can ultimately be divided into 3 separate segments, namely VIP, Slot Machine and Mass.
The VIP customers will play on credit, with profit and loss transactions generally taken care of by another party. It was said that as of 2015 the VIP segment accounted for 50% of the market revenue, while slot machine was said to count for 26% and the mass segment (players converting cash into chips for table games) accounted for the other 24%.
Poker is said to be one of the most popular games around the world, but in Philippines casinos especially, with blackjack and slot games shortly following.
A change in player demographics is a key market driver when it comes to Philippines casinos, with today’s casinos attracting an audience that goes beyond men aged 25-40. Nowadays, the audience found at casinos, both land-based and online, include both women and men, all of which vary in age, from just-legal to pensioners.
With more and more players becoming of legal age and more security with regards to gaming and transactions, as well as the aforementioned change in demographics has ultimately encouraged more and more players to participate in casino gaming.
Rise in Minimum Bets & VIP Revenue
There are 2 very important things to consider when understanding the Philippines casino industry are minimum bet rises as well as a boost in VIP revenue.
An increase in the number of players winning VIP tables essentially resulted in an increase in minimum bet values, with the amount jumping from $350 in 2014 to $500 in the year 2016.
In turn, the casino market value has increased, and so has the casino market revenue with thanks to a rise in VIP tables. Moreover, the Philippines casino industry is looking to provide the same luxury found in casinos in Australia or South Korea.
The transportation situation may not appear to be directly linked to the Philippines casino industry but it, in fact, has a massive impact.
It is really just a matter of simple logic, where players with decent transport available to them will have the opportunity to actually visit a casino, but is more about the fact that many cities are looking to integrate the Philippines casino industry with the hospitality sector.
This action will ultimately bring forth efforts that will undoubtedly improve accessibility. The more accessible the Philippines casinos are, the more players can participate, the more casinos will bring in higher revenue.