The Philippine gaming company is attracting more bettors but generating less revenue from them. Cost cuts have lifted margins, while a multibillion-peso investment in a Manila casino offers a new—and riskier—path to growth. For several years, DigiPlus Interactive Corp. appeared to have found the ideal formula for the Philippine gambling market: put familiar games on a smartphone, spend aggressively to attract players and make depositing money nearly effortless. In the first half of 2026, that formula showed signs of strain. DigiPlus, the company behind BingoPlus, ArenaPlus and GameZone, reported ₱32.9 billion in revenue for the six months ended June 30, a 31 percent decline from a year earlier. Retail gaming revenue, which accounts for nearly all of the company’s business, fell by the same rate, to ₱32.3 billion. The deterioration was also visible in cash generation. Net cash provided by operating activities fell to ₱4.4 billion from ₱8.8 billion a year earlier, a decline of near...