The Philippines will issue new online gambling licenses for companies that target overseas customers.
The new government, under President Rodrigo Duterte has confirmed it will not renew licences of electronic bingo operators and gaming technology provider Philweb Corp which operates around 300 e-games outlets in the country. However, it is expected to offset the loss in annual revenues by encouraging more casino and betting operators to set up online services the target gamblers in other countries.
According to Reuters, Andrea Domingo, Head of the Philippine Amusement and Gaming Corporation (PAGCOR), said the fees collected from the new licences could help offset the loss of about 10 billion pesos ($215 million) in annual revenues following the government’s decision not to renew the licenses of operating e-bingo and e-games outlets.
She revealed to reporters that the permits will be offered on a first-come-first-serve basis and reviewed after six months. The cost of the permit is still unknown.
“We’re readying the application forms. It’s no longer the Filipinos who are betting but foreigners,” Domingo told reporters after a budget hearing at the House of Representatives. “We don’t know yet how saleable it is. There might be no takers, or there could be many applicants.”