The Philippine Amusement and Gaming Corporation (PAGCOR) has announced a bold new move to regulate and promote online casinos in the country, in a bid to boost tourism and generate revenue.
In a recent press conference, PAGCOR Chairman Andrea Domingo shared her vision for the future of the Philippines gaming industry, stating that online casinos could be a major driver of economic growth for the country.
“We see online casinos as a key source of revenue for the Philippines, as well as a way to attract more tourists and create jobs for our people,” Domingo said. “We want to make sure that we are at the forefront of this new industry, and that we are regulating it in a way that is fair and transparent.”
To that end, PAGCOR has announced plans to issue new licenses for online casinos, as well as implement strict regulatory measures to ensure that operators are complying with the law. This move comes at a time when the global online gambling market is booming, with revenues expected to reach $94.4 billion by 2024, according to a report by Global Market Insights.
The Philippines has long been a hub for land-based casinos, with popular destinations such as Manila and Cebu attracting millions of tourists each year. Now, with the rise of online gambling, PAGCOR is looking to capitalize on this trend and expand its reach in the digital space.
In addition to issuing licenses for online casinos, PAGCOR also plans to work closely with industry stakeholders to develop new regulations and standards for the online gambling sector. This includes setting limits on bets, imposing age restrictions, and implementing measures to prevent money laundering and fraud.
“We want to ensure that online casinos operate in a safe and responsible manner, and that players are protected from harm,” Domingo said. “By working together with industry partners, we can create a sustainable and thriving online gambling sector that benefits both the economy and the people of the Philippines.”
The move to regulate online casinos comes at a time when the Philippines is facing economic challenges, with the COVID-19 pandemic taking a toll on the tourism industry and other sectors of the economy. By embracing online gambling, PAGCOR hopes to create new opportunities for growth and help stimulate the country’s recovery from the pandemic.
Overall, the decision to bet on online casinos represents a bold and forward-thinking move by PAGCOR, as the Philippines seeks to position itself as a major player in the global online gambling market. With the right regulations and oversight in place, online casinos could be a game-changer for the country, bringing in much-needed revenue and driving economic growth for years to come.