The Philippine Amusement and Gaming Corp (PAGCOR) is trying to grow its pool of customers and lure in rich offshore gamblers by becoming a part of the lucrative online gaming world by launching its own e-gambling operations next year.
Gambling activities are legal in the Southeast Asian country. The gaming regulator earned a whopping $293 million in 2022 from its 41 physical casinos, bringing the Philippine gambling industry a substantial gross gaming revenue of $3.9 billion.
Online gaming presents a huge opportunity as it allows the regulator to tap into new markets and diversify its customer base, PAGCOR Chairman Alejandro Tengco mentioned at the SiGMA Asia gaming conference.
PAGCOR is a government-owned and controlled corporation under the office of the Philippine president. A boost in the revenues of the regulator is beneficial for the country too as the bulk of its earnings form part of the national budget.
The plan to take a slice of the multi-billion dollar online gaming industry follows PAGCOR’s decision in 2020 to allow integrated casino-resorts operating in the country to take online bets to better cope with the COVID-19 pandemic that had brought almost everything to a standstill.
The Philippines has 32 legally operating offshore gaming companies that cater mostly to Chinese clients. The gambling scene in the capital Manila, which includes a smaller version of the gaming strip in Las Vegas, attracts high rollers from China, South Korea and Japan.
On September 29, 2024, Earth will experience an amazing astronomical occurrence as a new "mini-moon" visits our planet momentarily for…
The choice of Singapore to apply flexible work schedules (FWA) represents a major change in its work culture to fit…
Still one of the most disastrous natural disasters striking numerous countries all around is flooding. Often driven by combining topographical,…
As Vietnam gets ready to install ten new underwater cables by 2030, the United States is pushing Vietnam to rethink…
Recently unearthed information on North Korea's nuclear bomb manufacturing has heightened world worries over Supreme Leader Kim Jong Un's possible…
Prime Minister Fumio Kishida formally said that Japan will start negotiations for an economic partnership deal with the United Arab…
This website uses cookies.
Read More