Owning an online gambling website in the Philippines may have just gotten tougher with Philippine President Rodrigo Duterte who took office back on June 30, 2016. One of the promised that he had made was that he was going to crackdown on online gambling and it looks like his promise is good.
This past July, PAGCOR (Philippine Amusement and Gaming Corporation) which regulates gambling in the Philippines has revoked 124 online gaming licenses and PAGCOR is also planning on not renewing 302 online gaming venues and 324 online bingo games that offer their service to Philippine gamblers.
PAGCOR which not only regulates the country’s gambling industry but also operates several gaming parlors around the country is in a position to lose billions of PHP Dollars due to the cancellation of these licenses.
Andrea Domingo who is the CEO of PAGCOR said that gambling regulators could lose about PH10 billion and that at the moment; no new gaming license will be issued to any companies until further notice. AGCOR which uses the money it raise to fund its nation building program to help, guide and nurture the lives of the Filipino Youths will be severely impacted.
At the moment, the government and PAGCOR are working on creating an executive order to determine which companies and what kind of gambling options will be affected the gambling crackdown. In addition, a special task force will also be created to look for and prevent illegal gambling houses in the Philippines.
These past couple of years, several sportsbooks had moved their operations or part of their operations to the Philippines to acquire a gaming license but now, it looks like they gambling boom is over. One example is PhilWeb, an online gambling technology provider that recently had its license extended until August 10, 2016.
PhilWeb owns several gambling outlets in the Philippines and asked for the extension until they have a better idea on how the crackdown on online gambling by President Duterte will affect them.
In fact, Philipine Stocks of PhilWeb had dropped 22% on July 1st, 2016 and they have decided to suspend trading of its shares until further notice.