Payment Revenue Slumps: GCash Parent Mynt Hit by Gambling Transaction Curbs

The Philippines is tightening the reins on digital payment flows for online gambling, and the economic consequences for the market's biggest players are now visible in raw figures. Mynt, the parent company of the popular e-wallet service GCash, has faced a setback in the first half of 2026. While digital wallets are often seen globally as the engine for iGaming growth, the opposite is true here when regulators cut direct access. The revenue curve has been trending downward since the direct link between payment apps and gambling platforms was prohibited.

It is a lesson in the power of regulation. Anyone who believes that technical barriers are simply ignored by users is mistaken. When convenience disappears, revenue drops. The Philippine central bank (BSP) has set an example here that has far-reaching consequences for the entire industry. The ease of topping up a gaming account with just one click from a trusted app was a major driver of transaction volume. Now, players must go through the tedious detour of the operators' websites, which apparently deters many.

Numbers and facts

The financial setback can be precisely quantified. According to data from AP Securities, Mynt's payment solutions revenue in the first half of 2026 reached PHP 24.9 billion, which is approximately USD 396.6 million. This represents a 3.7% decrease compared to the same period last year. Even if a single-digit percentage might seem moderate at first glance, it is a clear warning signal for a growth market like the Philippine payment sector.

The initial reactions immediately after the changeover were even more dramatic. The state regulatory authority PAGCOR provided shocking data in this regard.

"Online gaming transactions have fallen by about 50%." - Alejandro Tengco, Chairman of PAGCOR

This massive slump was observed by Tengco between August 17 and August 19, 2025, just after the new e-wallet rules took effect. Not only are payment service providers suffering, but the operators themselves are also feeling the headwinds. The company DigiPlus, operator of brands like BingoPlus and ArenaPlus, reported revenue of PHP 32.85 billion (USD 523.3 million) for the first half of 2026. This is a massive 31.2% drop compared to the previous year.

Background

The cause of this upheaval lies in a directive from the Bangko Sentral ng Pilipinas (BSP) in August 2025. The central bank ordered all supervised institutions to remove all links to gambling websites from their apps and portals within just 48 hours. GCash implemented this instruction on August 16, 2025. Since then, users have no longer been able to make deposits or withdrawals with licensed providers directly from the app. The BSP justified this drastic step with the protection of consumers and their financial stability in the face of booming internet gambling.

Why it matters for German players

For German players, this scenario sounds familiar, even if the technical details vary. In Germany, the State Treaty on Gambling 2021 (GlüStV 2021) regulates exactly how payments may be processed. While in-app links were cut in the Philippines, Germany relies on strict monitoring through the LUGAS system. Every player is subject to a cross-operator deposit limit of 1,000 euros per month. In addition, gaming is tied to strictly licensed providers listed on the so-called whitelist of the Joint Gambling Authority of the States (GGL).

A major difference, however, is the focus: In Germany, it is primarily about limiting stakes (1 euro per spin at slots) and monitoring limits, while the Philippine measure makes the access path itself more difficult. Anyone playing with a GGL-licensed provider in Germany can continue to use reputable payment services as long as they meet German regulatory requirements. However, the Philippine figures show how sensitive the market reacts when established payment paths are disrupted. For German users, this primarily means security, as only payment service providers that meet strict player protection requirements and do not transfer illegal funds are permitted.

What it means for GGL-licensed casinos

German casinos with a GGL license can learn from developments in Asia that technical barriers massively influence channeling. If legal paths become too complicated, there is always the danger that users will migrate to the unregulated black market. In Germany, it is therefore essential that the GGL and payment providers cooperate closely to keep the legal market attractive. By radically decoupling, the Philippines has shown that even licensed operators like DigiPlus must accept massive losses when the convenience factor disappears. In a highly regulated environment like Germany, the balance between player protection and user-friendliness is the tipping point for economic success.