DigiPlus Delivers Stronger Q2 Results on 26% Growth in Monthly Bettors
The Philippine operator grew profit and its user base in Q2 2026 but gaming revenue fell, and the company says that was largely the plan.
DigiPlus Interactive Corp., the Philippine operator behind BingoPlus, ArenaPlus and GameZone, has reported core net income of ₱2.35bn for the second quarter of 2026, up 8% quarter on quarter, alongside a 26% jump in its monthly average bettors and depositors. The results point to a business buying growth now, leaning into user acquisition even as gross gaming revenue slipped. It is the latest marker in a year that has also seen the operator lean harder into governance and disclosure, having published its ESG report ahead of incoming SEC rules earlier in the cycle.
Why the DigiPlus numbers matter now
DigiPlus sits at the centre of one of Asia’s most closely watched online gaming markets, so its quarterly performance is a useful gauge of momentum in the Philippines. Core net income rose 8% to ₱2.35bn, EBITDA climbed 7% to ₱2.84bn, and the EBITDA margin widened to 18.2% from 15.3% in the first quarter, which the company attributes to operating efficiency and disciplined cost management. On the surface, a steady quarter. The more revealing detail sits underneath it.
What the results actually involve
Reported net income came in at ₱6.98bn, up 124% quarter on quarter, but that figure is inflated by a one-off, non-operating fair value gain on the company’s investment in International Entertainment Corporation’s convertible notes. Strip that out, and the ₱2.35bn core figure is the cleaner measure of trading performance.
The user metrics are where the growth story lives. Monthly average users averaged 5.75m in the quarter, while monthly average bettors and depositors rose 26% to 4.68m. Set against that, gross gaming revenue fell 9% to ₱15.61bn, a divergence the company addresses directly, attributing the decline to its aggressive push to acquire new users combined with the wider macroeconomic environment.
DigiPlus also introduced a new key operating metric this quarter: net gaming revenue after tax, which reached ₱5.52bn, up 0.9% quarter on quarter, with an NGR margin after tax of 35%. The company frames NGR after tax as a better read on underlying gaming performance as its model evolves.
The operator read
The operator read is straightforward. DigiPlus is trading near-term gaming revenue for a larger, higher-value user base, and it’s restructuring how it reports so investors judge it on the return from that spend rather than on top-line GGR alone. Product and brand activity supports the acquisition theme: new titles including Pinoy Drop Ball Turbo, Bingo Swerte, Pride Champion and Bingo Speed, BingoPlus’s fourth-anniversary gala, ArenaPlus becoming the NBA’s Official Partner in the Philippines, and GameZone’s second anniversary. That sporting push builds on earlier work to shore up the integrity side of its betting product, after ArenaPlus joined Sportradar’s integrity network, a reminder that acquisition and credibility are being pursued in tandem. R&D ran at 5% of revenues in the quarter, consistent with a company positioning itself, in its own words, as a “Gaming-as-a-Service” ecosystem rather than a straight operator.
On the outlook, President Ping Chen said: “The growing user base, improved cohort, as well as higher returns on capital will contribute to significantly higher GGR and NGR, as well as significantly higher profitability in the next quarters to come.”
The caveat worth naming
Two things deserve caution. First, the 124% reported profit jump is not an operating result, it rests on a one-off fair value gain, and reading it as underlying growth would overstate the quarter. Second, introducing NGR after tax as a new key operating metric in the same quarter that GGR fell makes clean period-on-period comparison harder; the new frame is reasonable as the business evolves, but it also shifts attention away from a falling top line. The acquisition-led strategy only pays off if the enlarged user base converts into the higher revenue management is forecasting, and that remains to be demonstrated.
Can DigiPlus convert a bigger user base into higher revenue?
Management has been explicit that it expects higher GGR, NGR and profitability in the coming quarters as the larger cohort matures. On that point, President Ping Chen said the growing user base, improved cohort and higher returns on capital would contribute to significantly higher GGR and NGR, and to significantly higher profitability in the quarters ahead. DigiPlus also enters the second half from a solid financial base, ₱10.51bn in cash and equivalents after paying ₱3.8bn in dividends and deploying ₱12.2bn into the IEC convertible notes during the first half. The open question is conversion: whether Q2’s 26% rise in monthly bettors and depositors turns into the revenue rebound the company is guiding towards, or whether the GGR softness carries into the second half. That is the number to watch next quarter.
Source: DigiPlus Interactive Corp.
