Philippines gaming and IT solutions provider DFNN Inc has hailed its online PIGO platform InPlay.ph an undeniable success after recording gross gaming revenue of Php113.9 million (US$2.3 million) in the first six months of 2021, including Php99.9 million (US$2.0 million) in the second quarter.
DFNN became the first company issued with an online gaming license by PAGCOR under its PIGO (Philippine Inland Gaming Operators) scheme last November. Introduced in response to the closure of land-based gaming venues due to COVID-19, the PIGO scheme allows casino and integrated resort operators to be licensed to offer online gambling to existing registered members, allowing those members to log in and play from anywhere within the country.
Hitting the market late last year, InPlay.ph operated by DFNN subsidiary IEST registered gross bets of Php2.5 billion (US$49.6 million) for the six months to 30 June 2021, with revenue climbing by 816% quarter-on-quarter from Php13.9 million (US$275,000) in Q1 to Php99.9 million (US$2.0 million) in Q2.
The positive result of our revenue, comparing the second quarters of 2020 and 2021 showing a 104% increase, is due to the success of InPlay.ph, said DFNN President and CEO Calvin Lim.
It is an undeniable success as customers now opt to use the [platform] for the reliability and convenience that it offers.
DFNNs total revenue for the first half of the year reached Php268.9 million (US$5.3 million), down 17.2% year-on-year, with an EBITDA loss of Php40.4 million (US$802,000) and a net loss of Php76.9 million (US$1.5 million) attributed to the temporary suspension of gaming operations in Manila.
Aside from its online platform, DFNN holds licenses for electronic gaming machines, a sports betting exchange and pari-mutuel games from PAGCOR.