Industry analysts caution that Bloomberry’s late entry into the market will require significant investment to stay competitive
Bloomberry Resorts Corp., the gaming and leisure powerhouse under billionaire Enrique Razon‘s leadership, has now entered the Philippines‘ booming online gambling world by launching its digital platform MegaFUNalo. This action marks a big change in the company’s approach as it aims to broaden its income sources and grab a piece of the digital gaming explosion.
MegaFUNalo Quietly Launches with Casino Games and Free Movies
MegaFUNalo started its operations this month without much fanfare before its big launch. It offers many casino and arcade-style games, like poker, blackjack, baccarat, and slots. Users can bet as little as $1, which aims to attract a wider crowd of everyday players, reported Bloomberg.
To draw in and keep users, the platform also gives free access to a collection of Viva Entertainment movies. These include action, comedy, romance, and Korean dramas. Experts in the field say this focus on content gives MegaFUNalo an advantage in a market full of similar gaming options.
Bloomberry‘s decision is part of a bigger shift in the Philippines. Last year, for the first time, online gaming brought in more money than regular casinos, according to the country’s gaming watchdog. The growth of online platforms has led to fierce competition. Right now, DigiPlus Interactive Corp. is at the top. They have more than 40 million signed-up users and are growing beyond borders. They have just gotten the green light to operate in Brazil and have set up shop in Singapore.
Bloomberry’s Digital Push Needs Billions in Ads to Catch Up in Crowded Market
Market experts warn that Bloomberry’s delayed launch will need big spending to compete. Abacus Securities thinks Bloomberry will put PHP 1 billion ($17.9 million) to PHP 2 billion ($35.9 million) each quarter into ads and deals. The company teamed up with several payment systems, like BDO, BPI, UnionBank, Maya, and GCash, to keep money safe for players 21 and older.
Jeri Alfonso from Unicapital Securities points out that Bloomberry’s platform is unique because it offers a multi-level experience, unlike rivals who mostly copy the same games across different operators. However, Alfonso also cautions that costs to get new users and outsource work will hurt the platform’s money-making in the short run.
Bloomberry’s stock price jumped almost 19% after the news broke, showing investors’ positive outlook despite the tough road ahead. The company has teamed up with an outside developer to create the app’s mobile version, splitting the revenue. This strategy spreads the risk but might cut into future earnings.
