More POGO licences issued in the Philippines

The Philippines online gambling regulator Philippine Amusement and Gaming Corporation (Pagcor) has announced the award of a further 9 Philippine Offshore Gambling Operator (POGO) licenses, bringing the total thus far to 51 and suggesting that the regulator has abandoned its initially announced maximum of fifty licences.

Pagcor had previously allowed for this by noting that the cap was intended to give the regulator time and space to ensure that the system was operating properly, and that the new licensees are not adversely impacting the business of established licensees.

Pagcor’s POGO project has had a devastating effect on rival licensing and regulatory body First Cagayan, which has seen a significant percentage of its licensees – as many as 50 percent by some reports – “defect” to the POGO system.

According to its latest Q3 financial report (see previous bulletins) Pagcor has so far raised revenue of around $40 million from the POGO program since its inception last year; that’s still well short of the $120 million the regulator has targeted for a full year once the project reaches its full potential .

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