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PAGCOR’s Strategy: Reducing Online Casino Taxes to Combat Illicit Gambling

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In the relentless battle against illegal gambling, the Philippine Amusement and Gaming Corp (PAGCOR) is unveiling a strategic shift aimed at reducing the government’s share in casino revenues. With the chairman and CEO, Alejandro Tengco, at the helm, PAGCOR plans to trim the government’s take from the current 42.5% to 37.5% by March, with a long-term goal of achieving a 30% to 32% share by the following year. This bold move is driven by the need to enhance competitiveness in the industry and combat the surge in illicit gambling activities, which the regulator estimates to cause monthly losses of approximately PHP1 billion (US$17.8 million) to unlicensed online casinos.

Aiming for Competitiveness and Curbing Illicit Gambling

In an interview with The Inquirer, Tengco articulated that the primary objective behind these changes is to bolster competitiveness and quell the proliferation of illegal gambling. Notably, since PAGCOR reduced its revenue share from online casinos to 42.5%, there has been a noticeable decrease in sector closures. Tengco also voiced his belief in the necessity of lifting the ban on online cockfighting (esabong) and subjecting it to proper regulation.

Optimistic Revenue Projections

Tengco’s forward-looking perspective extends beyond these strategic alterations. He anticipates that the Philippine gross gaming revenue (GGR), encompassing non-casino operations, will reach PHP336.38 billion in 2024. Within this projection, e-gaming is expected to make a significant contribution of PHP61.75 billion this year. Notably, PAGCOR is gearing up to introduce its own online casino, casinofilipino.com, in the latter half of this year, further cementing its position in the dynamic gambling landscape.

As PAGCOR takes decisive steps to reshape the industry’s dynamics, it aims to strike a balance between revenue generation and fostering a competitive and well-regulated gambling ecosystem in the Philippines.

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Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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Asia

188Bet Embracing the Philippines’ Gaming Landscape

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188Bet’s Return to Philippines: A Vote of Confidence in Regulatory Environment

Amidst shifting tides in the global gambling industry, the return of 188Bet to the Philippines emerges as a symbol of trust and optimism in the regulatory landscape. Following its relocation during the Duterte administration, 188Bet’s decision to establish roots once more in the Philippines underscores the nation’s growing allure as a hub for gaming enterprises.

The Philippine Amusement and Gaming Corporation (PAGCOR) warmly welcomed 188Bet’s relocation, hailing it as a significant endorsement of the country’s regulatory framework. This pivotal move not only marks a strategic business decision for 188Bet but also reflects broader industry trends and governmental initiatives aimed at fostering a conducive environment for gaming investments.

Chairman and CEO of PAGCOR, Alejandro H. Tengco, lauded 188Bet’s return as a “huge vote of confidence,” emphasising the nation’s commitment to fairness and transparency in its regulatory practices. With the establishment of a new Philippine-based entity, BestCommerce Corporation, under PAGCOR’s licensure and supervision, 188Bet is poised to reenter the market with renewed vigor and compliance.

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188Bet’s resurgence aligns seamlessly with PAGCOR’s overarching vision to catalyse sustained growth within the gaming sector. Chairman Tengco’s projections of annual Integrated Resort (IR) inaugurations and strategic expansions across key locales paint a promising picture of the industry’s trajectory in the coming years. Additionally, PAGCOR’s strategic pivot toward regulatory oversight underscores its dedication to fostering a competitive yet equitable gaming landscape.

In this article, we delve into the intricacies of 188Bet’s return to the Philippines, dissecting its implications for the gaming industry and analysing the broader regulatory framework championed by PAGCOR. Through an exploration of key developments and future prospects, we uncover the dynamic interplay between regulatory policies, industry dynamics, and investor sentiment in shaping the Philippines’ gaming landscape.

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