PAGCOR introduces new offshore gaming regulatory framework4th August 2023 8:35 am GMT
State-owned gaming regulator Philippine Amusement and Gaming Corporation (PAGCOR) is introducing a new regulatory framework for offshore gaming licensees.
The move comes as part of the regulator’s intensified efforts to address illegal activities being linked to offshore gaming operations in the country.
Responding to queries from Senator Risa Hontiveros and Senator Sherwin Gatchalian during a Senate hearing this week, PAGCOR Assistant Vice President for Offshore Gaming Licensing Atty. Jessa Fernandez confirmed that under the new framework, all licensees and service providers were currently under probationary status and were directed to re-apply for licences until 17 September.
“In the present framework, all service providers who are accepting bets are required to apply for a license,” said Fernandez. “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 license or accreditation will not be granted a license under the new framework. Likewise, licensees or service providers who shall not re-apply or were granted license within the given period shall be endorsed for cancellation.”
PAGCOR is also introducing reforms that will impose stricter sanctions on all erring licensed offshore gaming operators and accredited service providers.
Last month, PAGCOR unveiled plans to launch its own online casino operations under the Casinofilipino brand next year in an effort to further grow its revenue.