TLDR
- S&P Global Ratings gave DigiPlus Interactive Corp a B+ rating with a stable outlook.
- S&P expects DigiPlus to hold 40% to 50% of the Philippine online gaming market over the next two years.
- The company’s next closest rival holds only 15% to 20% market share.
- DigiPlus market share fell from 47% in 2024 to 41% in 2025 before recovering after e-wallet delinking rules.
- Philippine lawmakers are reviewing bills that could tighten regulation or ban online gambling entirely.
DigiPlus Interactive Corp is expected to stay the largest online gambling operator in the Philippines. S&P Global Ratings said the company should hold between 40% and 50% of the market over the next two years.
S&P gave DigiPlus a B+ rating with a stable outlook in a note published Thursday. The agency pointed to the company’s product lineup, user engagement, and ability to adjust to new rules.
DigiPlus has a wide lead over its closest competitor. S&P said the second-largest operator holds only 15% to 20% of the market.
Most of the company’s users are lower- to middle-income players. Its position is backed by interactive software, physical locations across the country, and products built for local tastes.
User Engagement Supports Market Position
S&P said DigiPlus’ in-house development team will keep launching new gaming products and features for the local market.
The agency said the company has built strong user engagement through its software and physical sites over the past three to four years. That has helped it keep users loyal in a market with low barriers to entry.
DigiPlus saw its share slide from 47% in 2024 to 41% in 2025 as new competitors entered the market.
The company recovered some of that ground after regulators enforced e-wallet delinking over the past three quarters.
Monthly active users grew modestly in the first half of 2026. S&P said the number may not return to levels seen before delinking within the next two years.
Consolidation Could Help DigiPlus
Lower online gaming tax rates since 2023 and stricter law enforcement could push more players toward regulated operators, S&P said.
A proposed minimum fee for licensed operators could also make it harder for smaller companies to compete.
S&P expects the market to consolidate in the coming years. Larger operators like DigiPlus could gain if smaller rivals exit due to costs, weaker branding, or limited technology.
The agency said DigiPlus’ market position and balance sheet should offer some protection during that shift.
S&P pointed to the company’s recovery after e-wallet delinking as proof it can adapt to new rules.
Still, DigiPlus faces risk from the Philippines’ developing regulatory system. Several Senate bills are being reviewed that could add player protection rules or ban online gambling altogether.
S&P called regulatory change an ongoing risk. It noted the market was only legalized in 2020, so the rules are still being shaped.
Stricter regulation could raise costs for gaming operators and slow industry growth, according to the agency.
S&P also said DigiPlus’ investments in new projects could add swings to its cash flow going forward.
