DFNN, Inc. is planning to introduce more products this year, as it aims to boost its revenue contribution to the Philippine Amusement and Gaming Corp. (PAGCOR).
“We’re looking at a hybrid of e-bingo sites and more breadth in terms of the product itself, and more sports betting,” DFNN Chief Executive Officer Calvin Lim told BusinessWorld on the sidelines of the ASEAN Gaming Summit in Conrad Hotel in Pasay City last week.
Asked how many electronic bingo (e-bingo) sites the company targets to put up, Mr. Lim declined to give details.
“We are still working on it. We want to see the pure entertainment value is reached to as many locations as possible,” the newly elected official said.
Mr. Lim said the addition of more products will help increase its contribution to PAGCOR’s revenues, as well as bring more entertainment into the online gaming industry.
During a panel discussion, DFNN Executive Vice-President for Business Development Christopher M. Tio said the company and other e-gaming firms “play vital roles in helping provide needed revenue for the development of the country.”
Mr. Tio noted that PAGCOR is the third largest contributor to the Philippine government’s revenues, after the Bureaus of Internal Revenue and Customs.
He also sees strong potential in sports betting, noting the figures for the Philippine industry are “quite staggering.”
“But if you look at the share of the regulated, legalized sports betting, it’s very very small. So potential is there,” Mr. Tio said, noting that the company has a sports betting license.
“That will allow us to come up with a very competitive product against illegal sports betting,” he added.
For this year, Mr. Lim said sees huge opportunities for expansion in the country.
“(Being profitable) is actually very important. We have the duty to shareholders of the public to ensure that the investment is solid,” Mr. Lim said.
DFNN currently engages in online gaming services, with its subsidiary Pacific Gaming Investments Pty. Ltd. working on game developments for the firm, HatchAsia, Inc. for management and technology expertise, and iWave, Inc. for system integration software and technology development.
The listed firm saw its attributable profit soar to P114.85 million in the first nine months of 2017, against P1.86 million in the same period in 2016. Revenues for the period likewise jumped 400% to P855.8 million during the period.