Strick Regulations For Offshore Online Gambling In Philippines

Published Wednesday, September 14, 2016 - Online-Casinos.com
Strick Regulations For Offshore Online Gambling In Philippines

The ongoing political situation for the online gambling industry in the Philippines is a major disruption for what had become a profitable business for some companies operating there. Consequences of government changes and resulting changes in rules regarding the internet and betting for real money is not something the online gambling industry is not already familiar with.

Regulatory bodies and governments have created a good deal of trouble for the online gambling sector and gambling companies have complied and made the best of sometimes bad situations. Blocking of offshore betting service web sites, banning financial transactions related to online gambling and the outright cancellation of licenses with law suits and fines to follow are just a few of the hurdles the international online gambling industry has overcome for the most part so far.

The Asian online gaming market is an intense piece of business that is massive but unwieldy and unpredictable and the Philippines’ newly elected hard line President Rodrigo Duterte has said that there will be some changes. The Philippine Amusement and Gaming Corp (PAGCOR) policy statement says the goal of the POGO plan as “centralizing and integrating into one corporate entity all games of chance not heretofore authorized by existing franchises or permitted by laws.” Another one of PAGCOR’s published licensing objectives is to “ensure that online games are properly regulated and monitored, especially those which operate under the guise of a valid franchise but are in fact operating outside the territorial limits of its franchisor/regulator.”

The First Cagayan Leisure and Resort Corp under the Cagayan Economic Zone Authority (CEZA) may be taken out of the mixture in the Asian online casino sports and poker markets. Andrea Domingo PAGCOR chief executive officer revealed recently that the regulator is “readying application forms,” for the government licenses that “would be issued for six months initially.” There may be no takers for the 25 licenses because of the difficult regulatory conditions imposed.

 

 

 

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