S&P Global has published a note arguing that Digiplus will likely hold its dominant position in the Philippines online gambling market for the next two years.
The US financial intelligence business assessed that Digiplus will continue navigating the country’s developing regulatory environment through strong product offerings, effective user engagement, and nimble policy adaptation.
Digiplus currently accounts for approximately half of all legal bets placed nationwide, establishing itself as the clear market leader in the Philippines’ regulated online gambling space.
The S&P note stated: “Digiplus will likely maintain its dominant 40%-50% share of the Philippine online gaming market over the next two years.”
S&P added that the company holds a sizeable lead over its nearest rival, noting: “The company has a big lead over the second-largest player, which has a 15%-20% market share.”
The analysts highlighted that Digiplus benefits from a large user base comprising mainly lower to middle-income gamers, which underpins its resilience and continued growth potential.
S&P also argued the operator’s in-house development team will continue to produce speciality gaming products and entertainment features tailored specifically to local tastes in the Philippines.
The B2C operator has also built robust user engagement through interactive software interfaces and physical sites across the country over the past three to four years, improving retention rates.
Despite the positive outlook, S&P flagged that evolving regulations and limited business and geographic diversity continue to present meaningful risks to Digiplus’ position.
A regulatory order issued in August 2025, requiring the delinking of e-wallets from online gambling platforms, caused significant disruption, with Digiplus’ revenue falling 23% quarter-on-quarter in Q3 2025.
S&P noted the broader regulatory risk plainly, saying: “We believe the risk of regulatory intervention is higher in the Philippines than other jurisdictions.”
The analysts pointed to the market’s relative immaturity as a key driver of that risk, with online gambling only legalised in the country in 2020, meaning the governing framework is still developing.
Several senate bills currently on the table could tighten player protection rules or even impose a total ban on online gaming in the Philippines, adding further uncertainty for operators.
S&P also flagged competitive threats, warning: “The gaming industry’s low barriers to entry also encourage competition. New entrants could include illegal operators with sizable market shares.”
However, the analysts also identified potential tailwinds from market consolidation, suggesting lower tax rates since 2023 and stricter law enforcement could push users toward regulated, incumbent operators.
S&P said: “We believe the market will consolidate, with incumbents like Digiplus benefiting from the exit of the smaller operators with cost disadvantages, and limited branding and technical know-how.”
On Digiplus’ ability to recover from regulatory shocks, S&P observed: “The company clawed back its market share and maintained its dominance even after the regulator enforced e-wallet delinking in the past three quarters.”
Monthly active users for Digiplus recovered modestly in the first half of 2026, signalling the operator’s capacity to bounce back from abrupt policy shifts that disrupted the wider industry.
S&P concluded that Digiplus’ market dominance and strong balance sheet will continue to offer mitigation as the Philippine online gambling market matures and smaller players exit.
