This story is part of Forbes’ coverage of Philippines’ Richest 2024. See the full list here.

Education entrepreneur Eusebio Tanco, whose STI Education Systems Holdings runs one of the largest networks of schools across the Philippines, has hit the jackpot in a business very different from academia: online gaming.

Shares of Tanco’s DigiPlus Interactive—formerly known as Leisure & Resorts World, a bingo parlor operator—popped after it embraced the digital world two years ago to offer online bingo.

Over the past year, the stock has nearly quadrupled amid the country’s crackdown on illegal offshore gambling platforms. Tanco confirms over email that DigiPlus has cornered a 50% share of the country’s online gaming market.

In 2023, revenue hit a record 27.3 billion pesos ($465 million), up by more than 200% year-on-year, while net profit jumped over sixfold to 4.1 billion pesos. This year, DigiPlus plans to spend up to 2 billion pesos to develop new games and upgrade existing offerings, such as sports betting site ArenaPlus and online card game Tongits+.

“[Having] accumulated a strong user base of 30 million users across our digital platforms, complemented by over 140 physical sites spread out across the country, we believe that DigiPlus is poised to dominate the flourishing Philippine digital entertainment industry,” says Tanco, whose net worth is up by over a third to $815 million.

Amos Ong, an equity research analyst at CLSA Philippines, predicts DigiPlus’ revenue will more than double in 2024, with net profit rising to 7.3 billion pesos.