Philippines on the Cusp of Offshore Gambling Operators Ban
Following weeks of discussions, it is understood that Philippines’ President Ferdinand Marcos is rumored to be close to deciding on a ban on Philippines offshore gaming operators.
Philippines offshore gaming operators ban looms as rumors continue to swirl.
LISTEN TO THIS ARTICLE:Why Is a Ban Being Mooted?
This comes ahead of a highly anticipated address by the President, who many believe will vote in favor of the ban. A number of indicators suggest a ban is likely, including the fact that New Zealand authorities have officially withdrawn a prior application to temporarily suspend the SkyCity Entertainment Group’s Auckland casino. While there is no definitive reason for a potential ban on offshore operators in the Phillippines, it is, perhaps, not too hard to connect the dots.
Over the last few months, many offshore brands have enjoyed significant spoils from players in the Philippines and, should this be a motive, it could mean that the authorities have plans of their own to capitalize on this interest.
Ultimately, it has meant that they have been losing out on revenue generated by these brands, by way of taxation and, should a ban be fully authorized, it means that the next logical step could be a full overhaul of the Philippines online gambling industry.
What Could a Ban on POGOs Mean?
Should President Marcos authorize the rumored ban on POGOs, which many feel will happen, it would raise a number of possible suggestions. This potential clampdown is going to lead to the start of something bigger in the way of a fully regulated market in the Philippines, which would pave the way for operators from around the world to enter legitimately and apply for licenses. This is something that the Canadian market, which, for many years, offshore operators were taking advantage of to great effect - more specifically, the province of Ontario.
By fully regulating the market, it attracted numerous gambling operators in a legitimate manner and is now a thriving online gambling industry.
Indeed, it was recently revealed that the Philippine Amusement and Gaming Corporation (PAGCOR) would be in favor of regulating online gambling, which would include online casino, online bingo and digital sports betting, with the PAGCOR chairman, Alejandro Tengco admitting that the potential is substantial.
“Our estimate is around P200 to P250 billion, and if we don’t regulate it, where will it go but only in the pockets of those who run these operations? The government does not benefit from that even one cent,” Tengco added in a mix of English and Filipino.
However, conversely, it could mean that the Philippines simply does not want foreign online gambling entities in its country and, as a result, has designs on developing their own brands and services - especially as a way of boosting the economy. As such, it could not only increase local employment, but even draw in foreign investment and attract specialists from countries, especially in Asia, who would help to contribute towards the economy.
During the first half of 2024, Evolution, one of the major software providers in the industry, witnessed explosive growth in the region, based on the significant uplift in demand from its clients operating, albeit offshore, in the Philippine gambling market.
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Illegal Gambling on the Rise in the Philippines
Over the last few months, authorities in the country have uncovered an increasing number of illegal gambling activities. One of the latest measures made is the formation of a task force combating POGOs. Ultimately, a total clampdown is rumored to be the necessary measure by many - including a ban on offshore operators, which effectively has given rise to more suspicious gambling organisations. This development might push players to seek the best online casino Philippines platforms, ensuring that their gaming experience remains uninterrupted by regulatory changes.
Following the end of the global pandemic, it appears that an increased number of shady gambling operators have started in the country, many being of a very small ‘startup’ nature and confined specifically to small apartments.
Whatever happens in terms of the vote, this is certainly not the end of the world for either side and in the case of Canada and the US, we have seen that a regulatory compromise can be reached when it comes to banning offshore gambling firms.
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