9月16日，标普全球评级给菲律宾上市公司 DigiPlus Interactive 发了第一份长期发行人评级：B+，展望稳定。这个月月初，穆迪先给了一个 B1。两家评级机构前后脚进场，看点不在评级字母，而在标普对市场格局的判断。
标普预计，未来两年 DigiPlus 能保住菲律宾线上游戏市场 40% 到 50% 的份额。第二名只有 15% 到 20%，差距接近三倍。理由写得很具体：过去三四年，这家公司靠交互式软件界面加上遍布全国的实体站点，把用户粘性做了起来，注册用户超过 4000 万，中低收入玩家是基本盘。
份额也不是没跌过。2024 年是 47%，2025 年掉到 41%，原因是新玩家涌入——标普特意提到，进这个市场不需要大笔前期投入。今年一季度又回到 43%。
真正的不确定性在监管。菲律宾央行已经要求电子钱包下架与游戏平台的链接，标普因此把 2026 年全行业收入预测定为收缩 7%，而去年还是增长 6%。DigiPlus 的收入和利润九成以上来自线上，冲击最直接。它的对策是多元化：拓展线下业务和海外市场，标普估计到 2027 年这块能占到业绩的 10% 到 20%。
单一市场押太重的风险，DigiPlus 是活教材。九成收入在线上，一条新规就能砍掉全年增速。做平台方案的时候，多区域部署、多牌照架构不是加分项，是保险。
粘性靠产品纵深，不靠补贴。四千万用户和一百三十多个实体站点，是几年铺出来的。API对接效率、内容更新频率，才是用户留下来的原因。
监管收紧利好龙头。电子钱包下架链接打的是全行业，小平台先出局，份额向合规能力强的头部集中——这也是标普维持「稳定」展望的底层逻辑。更多市场动态见行业动态栏目。
On 16 September, S&P Global Ratings handed Philippine-listed DigiPlus Interactive its first long-term issuer rating: B+, stable outlook. Moody's had gone first earlier in the month with a B1. Two agencies arriving back to back — the interesting part is not the letter, it is S&P's read on the market structure.
S&P expects DigiPlus to hold a 40 to 50 per cent share of the Philippine online gaming market over the next two years. The second-largest player sits at 15 to 20 per cent, a gap of nearly three times. The reasoning is concrete: over the past three to four years the company built engagement through interactive software interfaces plus physical sites across the country, amassing over 40 million registered users, mostly lower to middle-income players.
The share has slipped before. It was 47 per cent in 2024, fell to 41 per cent in 2025 as new entrants piled in — S&P notes entering this market does not require substantial upfront costs — and climbed back to 43 per cent in the first quarter of this year.
The real uncertainty is regulatory. The Bangko Sentral ng Pilipinas has ordered e-wallets to delink from gaming platforms, and S&P now expects industry revenue to contract 7 per cent in 2026, after 6 per cent growth last year. More than 90 per cent of DigiPlus's revenue and profit comes from online, so the hit lands on it first. Its answer is diversification: land-based and overseas businesses should reach 10 to 20 per cent of results by 2027, S&P estimates.
Over-concentration in one market is the live lesson. With nine-tenths of revenue online, a single rule change can wipe out a year of growth. In a platform plan, multi-region deployment and multi-licence architecture are insurance, not bonus points.
Stickiness comes from product depth, not handouts. Forty million users and 130-plus physical sites took years to build. API integration speed and content refresh rates are what keep players around.
Tightening rules favour the leader. The e-wallet delink hits the whole industry, smaller platforms exit first, and share concentrates in compliant hands — that is the logic under S&P's stable outlook. More market notes land in the news section.