DIGIPLUS Interactive Corp. has received a first-time “B1 corporate family” rating from Moody’s Ratings, which cited the online gaming operator’s leading domestic market position, strong cash generation, and net cash position.
The credit rating agency assigned the B1 rating with a stable outlook, saying DigiPlus’ financial strength provides a buffer against regulatory and competitive pressures facing the Philippine online gaming industry.
“DigiPlus’ B1 rating reflects its leadership in the Philippines’ online gaming market and strong financial profile, underpinned by low leverage, robust cash generation and a net cash position,” Moody Ratings Assistant Vice President Yu Sheng Tay said.
Moody’s, however, said these strengths were partly offset by exposure to regulatory changes and intense competition, while DigiPlus’ plans to expand into land-based casinos and overseas markets introduce additional execution risks.
The rating agency said DigiPlus has become the largest online gaming operator in the Philippines since launching its online platforms in early 2022, with an estimated 38.5-percent market share and around 6 million monthly active users.
Its portfolio of more than 1,000 games covering bingo, electronic games, and sports betting has supported user engagement and customer acquisition and retention, Moody’s said.
Despite the company’s strong financial position, Moody’s expects DigiPlus’ earnings before interest, taxes, depreciation and amortization (Ebitda) to decline to about P11.4 billion in 2026, from P14.3 billion in 2025.
It attributed the projected decline partly to the Bangko Sentral ng Pilipinas’ August 2025 directive requiring mobile wallet and payment providers to delink in-app access to online gaming platforms, which reduced industry-wide online gross gaming revenue.
Weaker consumer sentiment amid elevated fuel prices and broader inflationary pressures also weighed on discretionary gaming spending, Moody’s said.
The agency expects DigiPlus’ Ebitda to recover to around P14 billion to P15 billion in 2027-2028, supported by organic growth as well as contributions from the consolidation of International Entertainment Corp. (IEC) and overseas investments.
Moody’s said DigiPlus maintained a net cash position as of June 2026 and continued to generate robust free cash flow.
In the absence of significant acquisitions or investments, it expects the company’s leverage to remain below 0.5 times over the next 12 to 18 months.
As of June 30, DigiPlus had P10.5 billion in cash and cash equivalents.
DigiPlus share price fell by 30 centavos to close at P8.76 each on Friday.