‘PAGCOR Gives Online Gambling Greenlight To Land-Based Casinos!’ (Image Source: images.unsplash.com)
In the Philippines, the ban on online gambling is no longer in place as the PAGCOR, which regulates online gambling in the country opens the doors for online casinos. However, the rules state that at this time the only establishments permitted to run online gambling services are land-based casinos only.
The report came out via Ian C Sayson and Andreo Calonzo on Bloomberg yet there is no official news on the PAGCOR website of social media as we await the possibility of a press release. Bloomberg does state that the information came to their attention via mobile-phone messages directly from president Alfredo Lim-president of PAGCOR which is a government-owned and operating authority.
With new speculation in the air, iGaming newswires, as well as official newspapers in the South East Asian region such as the English language newspaper Bangkok Post, are reporting heavily on the situation. The news also saw stocks rise by 2% and up to 6% for several of the land-based casino organisations mentioned over the last couple of days.
The unexpected move by PAGCOR is in response to the devastation of the latest pandemic caused in the Filipino iGaming market, which mostly serves Chinese punters.
Philippine Offshore Gaming Operators (POGOs) are reporting heavy losses and out of 55 firms, just 33 are back in business. There are reports of entire apartment blocks currently emptying as those employed by POGOs head home or move after losing their salaries because of the lack of customers. Meanwhile, tax revenues from iGaming dropped 96% in the country.
However, there is still a big question mark over the Bloomberg report and that is ‘does this mean local residents can bet online?’…
What Does New Legislation Mean for Online Gamblers in the Region?
There could be a fresh wave of live table games offered with both English and Filipino speaking dealers, croupiers, and hosts operating from within land-based casinos. The game could attract English-speaking ex-pats across South East Asia living in countries where online gambling is illegal, allowing them to join an online casino.
Moreover, will this finally mean that locals in the country can play online casino games and make sports bets online?
It is highly likely that the land-based casinos will stream live dealer games too. These tables will mostly have English-speaking dealers, croupiers, and hosts to cater to a wide audience of offshore gamblers, yet there is also some speculation that PAGCOR may also open the doors for locals to join the online casino platforms once they are fully operational.