DigiPlus Margin Seen at 14.5-16% With 40-50% Market Share
S&P assigned DigiPlus a B+ long-term issuer credit rating with a stable outlook on September 16, 2026. According to Asia Gaming Brief's coverage of the S&P report, the agency expects revenue and EBITDA to return to growth over the next 12 months, but sees customer acquisition and retention becoming more expensive.
The pressure follows changes in how licensed operators can reach players. E-wallets were delinked from online gambling sites in August 2025, while advertising restrictions have narrowed another acquisition channel. S&P expects the extra spending to absorb part of the benefit from lower gaming taxes.
Margin Could Lose Up to 3.5 Percentage Points
The upper end of S&P's forecast, 16% over the next two years, is two percentage points below DigiPlus' average EBITDA margin for 2024-2025. At the bottom of the range, the gap reaches 3.5 points. Measured against that 18% baseline, 15M calculates a decline of roughly 11-19%.
DigiPlus was still running above the forecast range in Q2 2026. Its EBITDA margin reached 18.2%, up from 15.3% in Q1 2026. EBITDA was ₱2.84 billion in Q2 2026, a 7% quarter-on-quarter increase.
The company also reported 4.68 million monthly average bettors and depositors in Q2 2026, up 26% from Q1. That makes S&P's 14.5-16% range a forward estimate rather than a description of DigiPlus' latest reported quarter.
Market Share Is Expected to Stay Above 40%
DigiPlus' Philippine online gaming market share fell from 47% in 2024 to 41% in 2025 as more operators entered the market. S&P says the company subsequently recovered some of that ground after the e-wallet changes.
For the next two years, the agency expects DigiPlus to hold 40-50% of the market. In its September 2026 assessment, S&P puts the second-largest operator at 15-20%.
Regulation is part of both sides of that forecast. Further restrictions could raise costs and slow growth for DigiPlus. But S&P also sees stricter enforcement and proposed minimum fees for licensed operators making life harder for smaller competitors.
New Businesses Could Reach 10-20% by 2027
DigiPlus remains heavily tied to its home online business, which S&P says accounted for more than 90% of revenue and profit at the time of the September 2026 assessment. Its investment in International Entertainment Corp. and overseas online expansion could change that mix: S&P estimates the newer businesses could provide 10-20% of revenue and EBITDA by 2027.
So the issue in S&P's base case is not DigiPlus losing its market lead. It is the higher cost of keeping it.