DigiPlus Interactive Corporation is set to defend its top spot in the Philippine e-gaming market over the next two years, backed by a strong balance sheet and market dominance, according to global credit rating agency S&P Global Ratings.
In an assessment issued on September 16, S&P assigned DigiPlus a ‘B+’ rating and indicated that the company remains well-positioned to navigate heightened competition and regulatory hurdles.
“DigiPlus will likely maintain its dominant 40 percent to 50 percent share of the Philippine online gaming market over the next two years,” S&P wrote.
The credit rating agency highlighted that DigiPlus holds a significant lead over its closest competitor, which commands only roughly one-sixth to one-fifth of the domestic market.
Despite its solid standing, DigiPlus has encountered headwinds stemming from stricter regulatory actions. The industry faced a setback in August last year when the Bangko Sentral ng Pilipinas (BSP) instructed e-wallet platforms to sever connections with online gaming operators, leading to a sequential drop in DigiPlus’ third-quarter revenue.
S&P also highlighted legislative risks as lawmakers in the Senate consider bills aimed at tightening player protections or imposing complete bans on digital gambling. Furthermore, low entry barriers and rising competition contributed to a dip in DigiPlus’ market share, falling from 47% in 2024 to 41% in 2025.
Nevertheless, S&P noted that the company’s financial resilience offers protection as the sector consolidates.
“DigiPlus’ market dominance and strong balance sheet will offer some mitigation amid market consolidation,” the agency stated.
S&P expects tighter regulatory enforcement and minimum operator fees to squeeze smaller, higher-cost players, potentially driving users back to established, fully licensed platforms. This aligns with crackdown measures by the Philippine Amusement and Gaming Corporation (PAGCOR) targeting non-performing operators through mandatory financial benchmarks.
DigiPlus showed signs of recovery with a subtle uptick in monthly active users during the first half of 2026. However, advertising limitations are expected to drive up marketing and user-retention costs, which S&P predicts could trim the company’s EBITDA margin to around 14.5% over the next two years.
To secure future growth, DigiPlus is actively pursuing diversification through land-based casino ventures and international market expansions.
“DigiPlus’ expansion into land-based casinos and overseas online markets such as Brazil and South Africa also poses execution risks, while supporting the company’s long-term diversification,” S&P said.
S&P estimates these offshore and physical gaming initiatives could generate between 10% and 20% of DigiPlus’ total revenue and EBITDA by 2027.