MANILA, Philippines—A new study by a Filipino-focused sociocultural research firm found that the recent unlinking of e-wallet platforms from regulated online gambling apps has driven more players toward unregulated sites.
The study, by The Fourth Wall, surveyed over 1,000 online gambling players in major metropolitan areas, including Mega Manila, Metro Cebu and Metro Davao. It revealed that after the Aug. 16, 2025 ban, regulated platforms lost 70 percent of their players, while unregulated sites saw an immediate 40-percent surge. Trends suggest continued growth for unregulated platforms as players migrate from regulated channels.
The findings follow Senate hearings on Aug. 14, tackling the harms of online gambling. In response, the Bangko Sentral ng Pilipinas (BSP) ordered e-wallets to cut links with gambling apps, with major players GCash and Maya confirming compliance.
The study found that trust in e-wallets strongly predicts migration to unregulated sites. Forty-two percent of high-trust players were 2.3 times more likely to shift to unregulated sites compared to 18 percent of low-trust players, as the continued availability of e-wallets on these sites signals safety.
Players who value e-wallets’ age verification features, around 40% percent, are 2.4 times more likely to move to unregulated platforms, mistakenly assuming similar safeguards exist. Meanwhile, 40 percent of players who view e-wallets as essential to gambling are twice as likely to switch when regulated platforms lose access to e-wallets.
“Our study shows how central e-wallets are to gambling behavior. When links to regulated platforms were cut, players did not stop gambling—they shifted to unregulated sites,” said The Fourth Wall research director John Brylle Bae.
“Payment channels themselves shape perceptions of safety and legitimacy, which must be addressed alongside regulation,” Bae said.
The study builds on earlier research by The Fourth Wall, which found that players widely associate e-wallets with safety and responsible play.
Of the 73 percent of e-wallet users who trust the platforms’ age and ID checks, 64 percent believe the platforms help them control their spending. Ninety-two percent of players prefer GCash, compared with 6 percent for Maya and just 2 percent for over-the-counter outlets.
In a separate analysis, the firm highlighted stark differences between regulated and unregulated gambling platforms, including unverified games, lack of Know Your Customer (KYC) procedures, aggressive affiliate marketing and inconsistent customer service. These gaps, it warned, expose players to scams, fraud, excessive losses, and privacy risks.
