The new BSP directive took effect last weekend.
In the new study conducted by Filipino-focused sociocultural research firm The Fourth Wall, it found a correlation between the unlinking of e-wallet platforms from regulated online gaming platforms and an increase in the number of players on unregulated sites.
It reported 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 also suggested that these unregulated platforms will continue expanding, drawing in players who exit regulated channels.
The Fourth Wall noted that it has surveyed over 1,000 current online gambling players from urbanized areas across Mega Manila, Metro Cebu, Metro Davao, and key cities in other growth centers nationwide.
The study identified key factors related to e-wallet use that significantly predict player migration.
TRUST IN E-WALLETS
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 remain available on unregulated sites, players may perceive this as a signal 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,” said John Brylle L. Bae, Research Director at The Fourth Wall.
He continued, “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, and the importance of addressing both access points and user perceptions when designing safeguards.”
PREVIOUS STUDY
This research builds on an earlier study by The Fourth Wall, which found that players associate e-wallets with safety and trust.
According to figures from that study, 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 e-wallet platform 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.
UNLINKING OF E-WALLET PLATFORMS
Last Thursday, August 14, the Senate Committee on Games and Amusement conducted hearings on measures aimed at addressing the ill effects of online gambling.
Following its own investigation, the Bangko Sentral ng Pilipinas (BSP) announced that it had ordered e-wallets to unlink from online gambling apps effective Saturday, August 16, with major players like GCash and Maya announcing their compliance.