Saturday, August 13, 2022

Gaming firms eye Pagcor offshore gaming licenses


Several gaming firms are looking into obtaining the new offshore gaming licenses being pitched by state-owned Philippine Amusement and Gaming Corp. (Pagcor), local media reports.

One such firm is embattled Philweb Corp.

“We are studying it at the moment,” Philweb president Dennis Valdes said to Philippines news outlet, The Inquirer on Thursday.

According to The Inquirer, top officials of Pacific Online Systems Corp. (Loto), Leisure and Resorts World Corp. (LR) and DFNN Inc. are also assessing the new offering.

“We are evaluating the structure and the fees,” said Loto chair and president Willy Ocier, who is also a director at LR.

“I’m sure LR is studying its options carefully. I hope they’ll work out a cooperative agreement with Pagcor. Singapore and other jurisdictions are aiming for the offshore online gambling market as well,” said Ocier.

DFNN president Ramon Garcia Jr. also chimed in, saying they were “continuously monitoring the regulatory environment and waiting for guidance on policies.”

This week, Pagcor announced it would start accepting letters of intent from applications interested in obtaining an offshore gaming license.

According to a press statement, Pagcor said an offshore gaming license may be granted to either a Philippine-based operator or an off-shore based operator organized in any foreign country who will engage the services of a Pagcor-accredited service/support provider for its online gaming activity.

They will be referred to as Philippine offshore gaming operators (POGOs).

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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