PAGCOR issues 35 offshore e-gaming licenses
News on 1 Dec 2016
News on 1 Dec 2016
Industry sources claim that the Philippine Amusement and Gaming Corp. (Pagcor) has issued 35 offshore gaming licenses as part of the initial roll-out of the Duterte administration’s newly created offshore gaming regime.
The information has not thus far been confirmed by Pagcor, but apparently the licenses were issued to Philippines-based operators who may only accept gambling action from without the borders of the Philippines.
Two months ago Pagcor announced that it would accept applications for offshore e-gaming licenses in a move to curtail local gambling proliferation and generate revenue lost in the president’s sudden tough restrictions on e-gaming licensees like Philweb.
The announcement declared that the introduction of offshore gaming would “…safeguard the welfare of the Filipinos at the same time meet the agency’s revenue targets to help fund the government’s nation-building programs.”
The licensees are titled Philippine Offshore Gaming Operators licenses (Pogo) and come with application and processing fees of $50,000 for e-casino and $40,000 for sports betting, and another $200,000 and $150,000, respectively, upon approval of the licence.
Offshore gaming will be conducted via internet using a network and software to be offered exclusively to offshore authorised players who have registered and established an online gaming account with the licensee.
Only foreigners based in another country will be authorized to play, according to the Pagcor announcement in September. Licenses can be suspended or cancelled at any time if the licensee does not comply with requirements, and Pagcor is to monitor operators.
The initial Pagcor statement declared that only 25 licenses would be issued in the first six month as a trial period, but that appears to have been increased.
