The Philippine Amusement and Gaming Corporation (PAGCOR) today said that it
welcomes the decision of online gaming giant 1888BET to move its operations from
the Isle of Man back to the Philippines.
PAGCOR Chairman and CEO Alejandro H. Tengco said 188BET’s return “is a huge
vote of confidence for the country as a regulatory haven, and this is precisely what
PAGCOR is working hard at.”
“188BET’s move is a very positive response to our call for gaming investors to come
to the Philippines,” Chairman Tengco said.
“We would like to assure 188BET and other potential investors that PAGCOR shall
continue to be fair to everybody, and that there will be a level playing field with a
predictable and dependable regulatory framework,” the PAGCOR chief added.
188BET announced its decision to move its operations to the Philippines earlier this
week.
The sports betting and casino company said that effective March 19, its current
operator, Cube Limited, will surrender its current IoMGSC licence in the Isle of Man
and that 188BET will be operated by a new Philippine-based company,
BestCommerce Corporation, which is licensed and regulated by PAGCOR.
Mr. Tengco encouraged other investors to ride on the Philippine gaming industry’s
growth momentum.
“Overall, the industry can expect sustained growth in the next five years, with at least
one Integrated Resort (IR) opening every year beginning this year in Quezon City, to
be followed by new IRs in Cebu, Clark and other equally strategic locations.”
He added that the industry can also expect PAGCOR’s full decoupling from its
casino operations within that time frame to become a purely regulatory entity
dedicated to overseeing growth and attracting more investments.
“We shall also continue lowering our license fees and modernizing our systems to
help realize our vision of making the Philippines the gold standard in gaming in the
Asia-Pacific region,” he said.
188BET used to hold office in Makati but it moved out of the country during the
administration of former President Rodrigo Duterte.
