Gold99-The authorities’ dilemma
The move is aimed at reviving slumping gaming revenues, which could help President Rodrigo Duterte’s administration bankroll the country’s recovery from the coronavirus pandemic. Critics, however, say more safeguards are needed to ensure the industry — which has been linked to money laundering and other financial crimes — will be adequately policed as more betting moves online.
The Philippines has seen a boom in foreigner-only online casinos in recent years, the bulk of them run by foreign operators targeting primarily Chinese gamblers. But the closure of national borders due to the coronavirus, along with Beijing’s staunch opposition to gambling, has begun to take its toll on these companies. Threats of higher taxation by Manila and a recent bribery scandal have also hobbled the controversial industry.
Gold99-Given permission to offer online betting
To counter the industry slowdown, Manila’s gaming regulators are paving the way for the country’s conventional casinos and integrated resorts to start taking online bets, including from locals.
Bloomberry Resorts’ $1.2 billion Solaire and another smaller casino have already been given permission to offer online betting, according to Andrea Domingo, chair and CEO of the Philippine Amusement and Gaming Corp., or Pagcor, the industry regulator.
City of Dreams Manila and Okada Manila, two other multibillion-dollar casinos in the Entertainment City near Manila Bay, have sought approval to do the same, Domingo said during a recent webinar by Asia Gaming Brief, an industry information provider.
In November, Pagcor also granted a unit of Philippine listed-DFNN a license to “offer [a] remote gaming platform” that allows “a certain part of gaming [to] take place in the privacy of the client’s own home.”
Domingo said the move was aimed at recouping gaming revenues lost due to community quarantines.
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Winter in the Gambling Industry
“With the pandemic, older people cannot play [because they] are not allowed to go out of their houses until recently,” Domingo said, referring to the stay-home order for people aged 60 and older. “If they are able to do that, we will be able to get that market back and [it’s] safer. Due to the pandemic… people are now going online,” she added.
As in Asia’s gaming hubs of Macao and Singapore, casino revenues in the Philippines have tanked due to travel restrictions. Gross gaming revenues from land-based casinos as of September fell to 73 billion pesos ($1.52 billion), according to Pagcor. In 2019, GGR stood at a record 251 billion pesos.
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Expect new products and new policies to revive the market
In addition to allowing more online betting, Pagcor is also looking at new offerings for overseas players.
The regulator plans to roll out an online version of cockfighting — a popular pastime in the Philippines — primarily for players in South America. Online horse racing and dog racing are on the cards for the U.S. and U.K., respectively.
“We are focusing on other countries beyond Asia. We might be able to penetrate the cockfighting arena in South America in one to two years from now,” Domingo said in the AGB webinar.
On top of boosting gaming revenues, shifting to a more domestic-focused online betting regime could help address other issues related to the current, Chinese-dominated model.
