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PhilWeb posts 32% revenue growth from new sites and remote gaming

PhilWeb Corporation reported First Quarter 2022 revenues of 181.7 million pesos, a growth of 32 percent over the same period last year. This result follows the earlier reported 2021 total revenues of 538 million pesos, doubling from 2020’s total revenues of 265 million pesos. The company posted a First Quarter 2022 EBITDA of 32.1 million pesos and a Net Income of 5.6 million pesos. PhilWeb’s regulated gaming solutions presently cover more than 150 eGames and eBingo venues nationwide, increasing from 75 locations at the end of 2020.

“COVID community quarantine restrictions kept our patrons from visiting gaming venues from April to October last year.” said PhilWeb President Brian Ng, “But the timely launch of our Remote Gaming Platform at the end of March 2021 allowed our partners to continue to provide safe and legal gaming services to their registered patrons, in the safety of their own homes.” He added, “Our revenues are now increasing with the easing of Covid restrictions; These were dampened due to the Omicron surge earlier this year, but our March 2022 revenues are the highest since our gaming services resumed in 2017.”

“PhilWeb’s services have already contributed more than 256 million pesos to PAGCOR and the Philippine Government in the First Quarter of 2022 alone,” noted PhilWeb’s Chairman, Mr. Gregorio Ma. Araneta III. He also said, “Our business partners, the licensed venue operators, are able to provide a legal, regulated, trusted, and safe gaming experience to the public, whether it be inside the venue, or online. We look forward to growing and continuing this for the long term.”