Philippine Sportsbook Jade Sportsbet Goes Dark Over Unpaid Fees

Popular sports betting website Jade Sportsbet has been shut down in the Philippines because it hasn’t paid its debts to PAGCOR, the government regulator of gaming.

On Wednesday, users saw a “system maintenance” warning, and physical bookmakers abruptly stopped taking bets. According to IAG, staff members were told not to report back until June 1.

The suspension was attributed, according to PAGCOR, to Jade’s failure to comply with an increased cash bond requirement. CEO Joe Pisano downplays the issue by pointing to the sports betting bond’s recent increase from 15 million to 25 million pesos. He anticipates that “shortly after” Jade pays the final 10 million pesos, she will return.

Stronger regulations are required for the Philippine online gaming business, as this episode has shown. Jade is one of the 22 authorized sports betting businesses in the nation.

Original Story by: Inside Asian Gaming