The study found that following the August 16, 2025, ban, regulated online gambling platforms experienced a 70% decline in players, while unregulated sites recorded a 40% immediate increase. Trends suggest that these unregulated platforms will continue expanding, drawing in players who exit regulated channels.
This comes after the Senate Committee on Games and Amusement conducted hearings on August 14 on bills addressing the ill effects of online gambling. Following the investigation, the Bangko Sentral ng Pilipinas (BSP) ordered e-wallets to unlink from online gambling apps, with major players such as GCash and Maya announcing their compliance.
The study identified key factors related to e-wallet use that significantly predict player migration.
According to the study, a majority of players have high trust in e-wallets and their safety features. Players with high trust in e-wallets are 2.3 times more likely to shift to unregulated platforms (42% of those surveyed) compared to those with low trust (18%) once regulated platforms are disconnected from e-wallets. Since e-wallets are still available on unregulated sites, players may perceive this as a sign of safety and migrate there.
The study also found that many players view age verification on e-wallets as an important safety measure. As a result, players with this sentiment are 2.4 times more likely to move to unregulated platforms (40%) compared to those who do not (17%). Therefore, they may mistakenly assume that the presence of e-wallets on unregulated sites means these platforms have similar safety measures in place.
Furthermore, dependence on e-wallets also drives migration to unregulated platforms where their preferred payment option remains available. It found that those who view e-wallets as essential to online gambling are twice as likely to shift to unregulated platforms (40%) compared to those who do not (19%) when e-wallets are no longer an option on regulated sites.
"Our latest study shows the central role e-wallets play in shaping online gambling behavior. When links to regulated platforms were removed, activity shifted toward unregulated platforms rather than declining overall, unintentionally redirecting players to riskier environments. This dynamic highlights how payment channels themselves can influence perceptions of legitimacy. Future discussions on online gambling regulation should move beyond bans alone and consider how trusted tools like e-wallets shape behavior and perceptions. The importance of addressing both access points and user perceptions when designing safeguards," John Brylle L. Bae, Research Director at The Fourth Wall, said.
This builds on an earlier study by The Fourth Wall, which found that players associate e-wallets with safety and trust. Previous research revealed that about 73% of e-wallet users trust the platforms' age and identity checks, and 64% believe these platforms effectively help them regulate their spending, enabling them to play responsibly. The same study also found that 92% of players prefer using GCash, followed by Maya (6%), while only 2% use over-the-counter payment outlets.
In a separate analysis, The Fourth Wall also found significant contrasts between regulated and unregulated online gambling platforms, including the offering of games not verified by PAGCOR, a lack of Know Your Customer (KYC) procedures, more lucrative marketing and affiliate structures, and inconsistent customer service. These differences expose players to various risks, including excessive financial losses, scams, fraud, and privacy issues from spam texts.
To get full access to the report, you may visit https://www.fourthwallglobal.com/ewalletban or follow The Fourth Wall’s LinkedIn page.
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