DigiPlus Profit Warning: Economic Pressure Hits Philippine Online Gaming

The economic situation in the Philippines is taking a heavy toll on listed gaming operator DigiPlus Interactive Corp. in 2026. While the number of monthly active users across the company's various platforms has exceeded expectations, players are noticeably holding back on their wagers. This trend has led analysts at Maybank Securities to radically revise their forecasts for the company. The brokerage expects the second half of 2026 to be particularly challenging as pressure on Philippine household budgets continues unabated.

Although DigiPlus's fundamentals remain intact according to analyst assessments, a noticeable recovery is only predicted for 2027. The spending restraint is not an isolated problem for the gaming sector but a symptom of general economic weakness in the country. High inflation rates and slow economic growth have caused disposable income for leisure activities such as online bingo or sports betting to drop drastically. This shows once again that even a digital growth market is not immune to classic economic crisis factors.

Numbers and facts

Maybank's concrete adjustments are profound. Analyst Raffy Mendoza reduced the core net income forecast for 2026 by 43 percent. For 2027, the correction was even more significant at 48 percent. Maybank currently expects a core net income of 7.8 billion PHP (approx. 124.3 million US dollars) for 2026. In comparison, an amount of 8.6 billion PHP is expected for 2027. These revised figures imply a decline of around 39 percent for the current year before a slight recovery of around 10 percent could set in during 2027.

The discrepancy between reach and actual revenue is particularly striking. In the second quarter of 2026, the number of monthly active users stabilized at 5.75 million. This significantly beat the original forecast of 4.75 million. The BingoPlus platform alone accounts for 3.35 million active users, while GameZone has 1.83 million and the sports betting offshoot ArenaPlus has around 570,000 users. However, the sheer volume of players is not enough to compensate for the falling per capita expenditure.

„The company’s core challenge is not necessarily the number of users on its platforms, but the amount customers spend." - Raffy Mendoza, Analyst at Maybank Securities

Average monthly spending per active user (Average Revenue Per User) was only 805 PHP in the second quarter of 2026. Maybank had previously assumed a value of 1,250 PHP. This massive slump in average spending is the main reason for the reduction in revenue forecasts for the period from 2026 to 2028 by 18 to 32 percent.

Background

DigiPlus operates a broad portfolio in the Philippine domestic market. This includes the online bingo platform BingoPlus, the sports betting provider ArenaPlus, and GameZone, which focuses on casual and arcade games. In the first half of 2026, the company reported revenue of 32.9 billion PHP, representing a decline of approximately 31 percent compared to the previous year. EBITDA fell by 40 percent to 5.5 billion PHP, while the EBITDA margin narrowed from 19.0 percent to 16.7 percent.

A potential ray of hope for the future lies in physical expansion and international investments. In June, DigiPlus completed subscriptions of convertible notes worth 1.6 billion HKD with International Entertainment Corp. This could secure DigiPlus a majority stake of 53.89 percent in the company that controls the LaVie Resort & Casino in Manila. Investments in Brazil and South Africa are not yet included in Maybank's current forecasts, as detailed reports from management are still pending. Despite global ambitions, the domestic business remains the backbone, which is currently suffering from weak purchasing power.

Why it matters for German players

The turbulence in the Philippines has no direct impact on the daily gaming experience of German players, but it serves as a warning example for market stability. In Germany, the market has been strictly regulated since the State Treaty on Gambling 2021 (GlüStV 2021). In this country, the Joint Gambling Authority of the States (GGL) ensures a safe framework through the whitelist. While inflation is drastically changing gaming behavior in the Philippines, German customers are protected from excessive spending by the monthly deposit limit of 1,000 euros via the LUGAS system. The stake limit of 1 euro per spin on virtual slot machines also ensures better budget control.

Anyone wishing to play online in Germany should only choose providers that hold a GGL license. These casinos are subject to strict controls regarding player protection and fairness. Platforms without a German license, for example from Curacao or the MGA, often offer higher limits but do not have the German safety net. The situation at DigiPlus shows that economic pressure often leads to riskier business behavior or savings, which is why the stability of a regulated market like Germany is essential for the security of player funds.

What it means for GGL-licensed casinos

German GGL-licensed casinos can learn from the DigiPlus crisis that user growth alone is no guarantee of sustainable success. When economic conditions become more difficult, customer loyalty is more important than aggressive new customer acquisition. Maybank emphasized in its report that a recovery for DigiPlus will depend on higher player retention and increasing spending per capita. In Germany, this scope is more narrowly defined by legal limits, forcing operators to operate more efficiently and focus on quality rather than sheer mass. Long-term stability through compliance often proves more valuable in times of crisis than short-term revenue jumps through unregulated expansion.