S&P Global Ratings assigned Digiplus Interactive Corp. a ‘B+’ long-term issuer credit rating with a stable outlook, saying the company’s strong position in Philippine online gaming should support its business. At the same time, regulatory uncertainty and expansion plans remain key risks.
S&P expects Digiplus to remain the country’s largest online gaming operator over the next two years, with a 40 percent to 50 percent market share. Its closest competitor has about 15 percent to 20 percent, according to the ratings agency.
The agency cited Digiplus’ product offerings, user engagement and large customer base, particularly among lower- to middle-income players, as support for its market position.
Regulatory changes, however, remain a major risk. S&P said the August 2025 order requiring e-wallets to delink from online gambling platforms significantly disrupted the industry, with Digiplus’ revenue falling 23 percent quarter-on-quarter in the third quarter of 2025.
It also noted several Senate bills that could tighten player-protection rules or potentially ban online gambling. S&P said the relatively young regulatory framework creates greater uncertainty for operators.
Competition has also intensified. Digiplus’ market share fell to 41 percent in 2025 from 47 percent in 2024 as new operators entered the market.
Higher customer acquisition and retention costs are expected to pressure margins, with S&P projecting EBITDA margins of 14.5 percent to 16 percent over the next two years, versus an 18 percent average in 2024 and 2025.
Digiplus’ expansion into land-based casinos and overseas markets, including Brazil and South Africa, could diversify revenue but also introduce execution and financial risks. S&P expects these businesses to contribute 10 percent to 20 percent of revenue and EBITDA by 2027.
The stable outlook reflects S&P’s expectation that Digiplus will resume revenue and EBITDA growth while keeping adjusted debt-to-EBITDA at about 1x through 2026-2027.
