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Philippines Set to Issue 25 Online Gambling Licenses
- October 11, 2016 By Nemanja L. -
The Philippines are slowly opening its doors to remote gambling operators and they are now set to approve 25 online licenses to offshore operators.
The market is clearly quite appealing to leading gaming companies as it has now been revealed that a total of 76 gambling firms have submitted their applications so far.
The Philippine Amusement and Gaming Corporation (PAGCOR) chief Andrea Domingo told reporters on Monday that a total of 76 operators had applied for a remote online gambling license.
PAGCOR announced their licensing plans some month ago and they expect the first licenses to be issued by the end of October. Said licensed will be valid for a year, but successful applicants will continue to be monitored in months to come.
PAGCOR plans to use the first six months of the new licensing period to study the operators of approved gaming companies and tweak its regulatory approach, as they clearly want to make the best of the opportunity that arose.
The Philippines gaming market has been quite volatile in recent years, and their latest actions will do little to make things better in years to come.
eGames Industry Slowly Recovering
PAGCOR surprisingly launched a crackdown on the country’s eGames industry that resulted in virtually shutting down PhilWeb, the leading gaming cafe operator, having refused to renew the operator’s license.
And even though Philippines president Rodrigo Duerte is against online gambling, PAGCOR appear ready to reconsider its eGaming regulation as they will allow eGaming parlours to operate, provided they are located at least 200 meters from the nearest school or church.
The new president appears to have recognised the potential of the online gaming market and what it could do for the country’s economy, thus effectively changing his stance on this controversial matter.
We have yet to see the effects of the new offshore licenses, but given the heavy interest in the market, chances are the Philippines will continue their latest trend of opening up to various gaming verticals.