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PAGCOR head calls for investors amid growth in online gaming activities

February 15, 2024 Philippines iGaming & GamblingIndustry Updates

Speaking with Asia Gaming Brief at the International Casino Exhibition in London, PAGCOR Chairman Alejandro Tengco highlighted the Philippines’ ability to serve as a dependable center for foreign operators, pointing to encouraging outcomes in 2023.

The Philippines Gambling Authority reports that online gambling businesses had a notable upsurge, with eGaming revenues increasing by 92.32% to PHP 58.16 billion ($1.03 billion) over the previous year. Over a thousand e-gaming websites were made lawful in 2023. PAGCOR predicts that the company will keep expanding, with sales of PHP 61.75 billion ($1.09 billion) anticipated in 2024.

During the Asia Round Table talks at ICE London, Chairman Tengco brought up the fact that the Philippines is the only country in Southeast Asia with rules controlling online gambling. He outlined efforts to improve the industry’s standing, such as addressing worries about Philippine Offshore Gaming Operators (POGOs) and their possible connection to illegal activity.

After more than 250 former Master and Sub Licensees under the prior POGO system reapply beginning in 2023, there are currently only 75 licensees overall. Tengco said that balanced regulation was the reason for their increased revenues despite this drop. Through cost reductions and incentives for businesses with legitimate government clearance, PAGCOR seeks to further discourage illicit activity.

Not only has PAGCOR’s strategy drawn interest inside its own borders, but also in adjacent nations like as Cambodia. Tengco said that a team from Cambodia requested guidance on how to control both online and offline gaming, highlighting the Philippines’ expertise in successfully regulating gaming in Asia.

Tengco said he is looking at measures to stop unapproved web servers from providing gaming services to Filipino players. He instructed the organization in charge of licensing electronic games to put restrictions on these service providers that provide licensees with games.

Tengco encouraged foreign investors to create physical and virtual companies in the Philippines. When asked how he would mesh with Macau’s focus on activities other than gambling, he took a different approach and highlighted integrated resorts that provide a variety of experiences. He thought that the Philippine model would be different from Macau’s in that it would include both gaming and non-gambling attractions.

Original story by: Asia Gaming Brief

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