Gold99 | Same tax treatment for all online gambling

The Philippine Amusement and Gaming Corp. (PAGCOR) has given the green light for major casino operators to accept online bets, in a move that could help them recover from significant losses caused by the pandemic. PAGCOR has approved the applications of four major casino operators, including City of Dreams Manila, Okada Manila, Resorts World Manila and Solaire Resort and Casino, to accept online bets. According to the Department of Finance, the tax treatment for online gambling, whether onshore or offshore, is the same for as long as the operator is a licensee of PAGCOR.

Free bonus for online betting

With online gambling now allowed in the Philippines, casino operators are looking for ways to attract more customers. One way they can do this is by offering free bonuses to those who place online bets. For instance, Gold99, one of the top online betting sites in the country, offers a generous welcome bonus to new customers. This not only attracts new players, but also encourages them to place more bets and stay loyal to the site

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The impact of pandemic on the casino industry

The casino industry in the Philippines has been hit hard by the pandemic, with casino operators experiencing significant losses due to the imposition of lockdowns to curb the spread of the virus. Despite the partial reopening of the economy in June, casinos were only allowed to resume operation at 30 percent capacity in August. As a result, PAGCOR’s earnings plunged by 97 percent from January to September compared to the same period last year. Its income from gaming operations likewise plunged by almost 60 percent.

Revenue generated by PAGCOR

Despite the decline in revenue, PAGCOR has remitted a significant amount of its revenues to the government in the form of gaming taxes and contributions. During the nine-month period, income from licensed casinos amounted to P8.44 billion, 60 percent lower than last year. Income collected from offshore gaming operators likewise declined by 6.14 percent. PAGCOR also paid franchise tax amounting to P1.12 billion and contributed P45 million to the Dangerous Drugs Board. It also remitted P10.56 billion to the National Treasury as dividends.

Paragraph 5: Conclusion

The approval of PAGCOR to allow major casino operators to accept online bets is a welcome development for the industry, as it offers an opportunity for recovery amidst the pandemic. By offering free bonuses to attract new customers, casino operators can potentially generate more revenue and stay afloat during these challenging times. With the assurance of the same tax treatment for all online gambling, this move could also encourage more operators to apply for licenses and participate in the online betting industry.