Did you test your gambling habits yet?

Join

THE GAMALYZE CHALLENGE

PAGCOR Unveils New Offshore Gaming Regulations

Listen to this news articleLISTEN TO THIS ARTICLE:

The Philippine Amusement and Gaming Corporation (PAGCOR) has introduced a new regulatory framework for offshore gaming licensees.

Effective since last month, the new framework seeks to combat illegal activities associated with offshore gaming operations in the Philippines. Notably, all licensees and service providers have been placed on probationary status under the new framework and were directed to reapply before September 17, 2023.

According to licensees or service providers, those who do not reapply or get a license within the specified period will be recommended for cancellation.

However, before granting new licenses, PAGCOR will assess the operators' owners and hold them accountable if they are engaged in any unlawful activities. Any operator or provider found to have been operating illegally will not be eligible for a new license.

In the present framework, all service providers who are accepting bets are required to apply for a licence. We will also evaluate the beneficial owners of these companies so that they will be held liable in case they are found to be involved in any illegal activity.Entities with findings of activities outside their granted licence or accreditation will not be granted a licence under the new framework.

Jessa FernandezAssistant VP for Offshore Gaming Licensing at PAGCOR

Additional PAGCOR Reforms

In addition to introducing a new regulatory framework for offshore gaming, PAGCOR has implemented reforms that will enforce more stringent sanctions on all non-compliant licensed offshore gaming operators and service providers.

Other reforms implemented include submitting reports to enforcement agencies for investigation and verification, improved coordination with relevant government entities, and increased enforcement of regulations, including imposing severe penalties on licensees and service providers who have violated existing rules.

PAGCOR has also collaborated with government and law enforcement agencies to establish offices within an accredited hub. The regulator has also been combating unlicensed land-based gambling.

In June, Pagcor conducted a raid on Xinchuang Network Technology Inc (Pogo) following information received about potential criminal activity at the site. In the same month, the gambling regulator also raided Xinchuang Network Technology in partnership with the Philippines National Police’s Anti-Cybercrime Group (PNP-ACG)

Last month, PAGCOR announced its plans to launch its first online casino. Branded as Casinofilipino.com, the site will go live in the first quarter of 2024 and offer players in the country an opportunity to play various online casino games.

More Regulation News

RELATED TOPICS: Regulation

Leave a Comment

user avatar
My Name United States of America
Rating:
0.0
Your Comment

User Comments

Comments for PAGCOR Unveils New Offshore Gaming Regulations