PAGCOR head hails decision of 188BET to relocate ops back to PH

The decision by online gambling giant 188BET to resume operations in the Philippines was praised by the head of the Philippine gaming authority as a significant show of faith in the nation’s iGaming laws and prospects.

In a statement released on Friday, Alejandro Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corp (PAGCOR), expressed his support, emphasizing that 188BET’s decision responded positively to the appeal for gaming investors to invest in the Philippines.

Earlier this week, 188BET announced that it was moving its license and operations from the Isle of Man, Europe, to the Philippines. The Isle of Man Gambling Supervision Commission-licensed Cube Ltd. formerly maintained the online brand; BestCommerce Corp., a recently established Philippines-based company, is licensed and governed by PAGCOR. 188BET was originally founded in Manila but relocated during the tenure of the previous government.

According to Mr. Tengco, 188BET’s comeback is in line with PAGCOR’s attempts to provide a fair and stable regulatory environment and shows confidence in the Philippines as a regulatory hub. He said that PAGCOR is dedicated to making sure that there are level playing fields to 188BET and potential investors.

According to Mr. Tengco’s forecast, the gaming industry in the Philippines would grow gradually over the next five years, with the establishment of at least one integrated resort (IR) year. Quezon City will launch its IR this year, and there will be more IRs in Cebu, Clark, and other significant locations. He also mentioned PAGCOR’s efforts to streamline procedures and lower license fees to establish the Philippines as the gaming epicenter for Asia-Pacific.

To become an organization dedicated to fostering growth and drawing capital to the gaming sector, Mr. Tengco further emphasized PAGCOR’s intention to refocus its focus from casino operations to regulatory oversight in less than five years.

Original story by: GGRAsia