S&P Global Assigns B+ Rating to DigiPlus Interactive with Stable Outlook on Philippine Online Market Leadership

S&P Global Ratings assigned a B+ long-term issuer credit rating with stable outlook to DigiPlus Interactive Corp. The agency expects the operator to retain a 40 percent to 50 percent share of the Philippine online gaming market over the next two years. According to GGRAsia, this follows Moody’s B1 rating earlier in the month and comes as online gaming represents more than 90 percent of DigiPlus revenue and profit.

DigiPlus holds a substantial lead over its nearest rival, estimated at 15 percent to 20 percent market share. The operator’s portion fell to 41 percent in 2025 from 47 percent in 2024 amid rising competition but has since recovered ground despite external pressure.

Operational Advantages Underpinning the Rating

S&P Global cited DigiPlus’ large user base of lower- to middle-income players, in-house development team and physical presence across the Philippines. These elements, paired with strong products and user engagement, support its status as the largest online gambling operator in the jurisdiction. Second-quarter 2026 revenue totaled PHP15.61 billion, down 36.8 percent year-on-year. EBITDA fell 36.9 percent to PHP2.84 billion.

The agency forecasts EBITDA margins of 14.5 percent to 16 percent over the next two years, below the 18 percent average recorded in 2024 and 2025. It also projects new land-based and overseas businesses will contribute 10 percent to 20 percent of revenue and EBITDA by 2027.

Regulatory Risks and Consolidation Outlook

Evolving rules remain a central concern. The central bank’s August 2025 order to block e-wallet access to online gambling platforms drove a 23 percent quarter-on-quarter revenue decline in the third quarter of 2025 after 176 percent full-year growth in 2024. Several Senate bills under review could tighten player protections or ban the activity outright.

S&P Global stated: “We view this as an ongoing risk and believe tightening regulations will slow growth, create volatility, and increase costs for e-game operators.” Tighter standards and sector consolidation could nevertheless favor larger incumbents such as DigiPlus as smaller operators with cost and technology disadvantages exit. The agency anticipates adjusted debt-to-EBITDA near 1.0 times over the next two years even after the operator’s US$204.1 million convertible notes investment.

The stable outlook rests on resumed revenue and EBITDA expansion within the next 12 months while leverage stays contained. Operators in the jurisdiction will track pending legislation and the pace of market exits for signals on competitive structure through 2027.

Reporting: GGRAsia

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