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PAGCOR Touts 188BET’s PH Return As Huge Vote Of Confidence
- By The Financial District
- Feb 23, 2024
- 2 min read
The Philippine Amusement and Gaming Corporation (PAGCOR) announced today that it welcomes the decision of online gaming giant 188BET to relocate its operations from the Isle of Man back to the Philippines.
188BET announced its decision to relocate its operations to the Philippines earlier this week.
PAGCOR Chairman and CEO Alejandro H. Tengco expressed that 188BET’s return "is a significant vote of confidence for the country as a regulatory haven, precisely what PAGCOR is striving for."
"188BET’s move is a highly positive response to our call for gaming investors to invest in the Philippines," Chairman Tengco said.
"We want to assure 188BET and other potential investors that PAGCOR will remain fair to everyone, ensuring a level playing field with a transparent and reliable regulatory framework," added the PAGCOR chief.
188BET announced its decision to relocate its operations to the Philippines earlier this week.
The sports betting and casino company stated that effective March 19, its current operator, Cube Limited, will surrender its current IoMGSC license in the Isle of Man. 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 capitalize on the Philippine gaming industry’s growth momentum.
"In general, the industry can anticipate sustained growth in the next five years, with at least one Integrated Resort (IR) opening every year starting this year in Quezon City, followed by new IRs in Cebu, Clark, and other equally strategic locations."
He further mentioned that the industry can anticipate PAGCOR’s complete separation from its casino operations within that time frame to transition into a purely regulatory entity focused on overseeing its growth and attracting more investments.
"We will also continue to reduce our license fees and modernize our systems to achieve our vision of making the Philippines the gold standard in gaming in the Asia-Pacific region," he added.
188BET used to be headquartered in Makati, but it relocated out of the country during the administration of former President Rodrigo Duterte.
