The Philippine Amusement and Gaming Corporation (PAGCOR) received 76 applications for the new ‘offshore’ online gaming licenses.
PAGCOR expects to award the first 25 online licenses before the end of October. The licenses will be valid for one year and PAGCOR says it might be changing the rules and regulations prior expiry date of the licenses.
“It will last for a year and they (licensees) know that we might be changing the rules and regulations after that,” PAGCOR CEO Andrea Domingo said they will use the first three to six months of the new licensing regime to monitor the gaming activity.
The licensees will be permitted to offer online casino games and sports betting services exclusively to foreigners outside of the Philippines over the age of 21. Foreigners staying in the Philippines and Filipinos residing abroad will not be allowed to participate in the gaming activity.
Companies applying for an offshore gaming license had a fee of $50,000 in application for online casino and $40,000 for sports betting. Operators must pay another $200,000 for an online casino license and $150,000 for a sports betting license upon receiving confirmation of their approval from PAGCOR.