Philippines Cracks Down on China-Centric Online Casinos
$6,000 Welcome Bonus
(Bloomberg) -- The Philippines’ gaming regulator is tightening controls on online casinos that have attracted Chinese clients and have recently been linked to crimes.
The Philippine Amusement and Gaming Corp. has placed all existing online casino licensees and service providers under probation and will require them to reapply for permits, the regulator’s chairman Alejandro Tengco said, according to a copy of his July 13 speech in Macau sent to media Friday.
The agency discovered in the past months that several companies were using their licenses “as a cover-up in the conduct of illegal activities, including cryptocurrency investment,” Tengco said. “This became a massive blow to the industry.”
Online casinos found to be engaged in crime have been penalized, and their permits have been revoked, the official said. Further accreditations were also suspended, while existing operators will be subjected to new fees and stringent monitoring, he added.
The Southeast Asian nation has in the past years witnessed an exodus in the once-booming online gambling industry due to the pandemic and efforts to tax operations. Online casinos have also been linked to suspicious transactions and human trafficking, with the country’s finance chief favoring to shut these businesses.
Still, the gaming regulator is projecting that its gross gaming revenue from online gaming will surge by more than double to 24 billion pesos ($441 million) by yearend, said Tengco, adding that his agency has accredited service providers for electronic bingo, e-billiards and sports betting.
