Philippine Amusement and Gaming Corporation (PAGCOR) said on February 23 that it welcomed the decision of online gaming operator 188BET to move its operations from the Isle of Man in Europe back to the Philippines, with BestCommerce Corporation named as the new PAGCOR-licensed operator effective March 191.
The announcement came as PAGCOR reported record national gaming revenues. The country's gross gaming revenues (GGR) reached a record Php285.27 billion in 2023, 11.22% higher than the previous mark of Php256.49 billion set in 20191. The industry posted an all-time low of Php98.79 billion in 2020 at the height of the pandemic, climbed slightly to Php113.09 billion in 2021, and nearly doubled to Php214.33 billion in 20221. PAGCOR projected GGR of Php336.38 billion for 20241.
PAGCOR booked Php79.37 billion in revenues in 2023, up 34.63% from Php58.96 billion the previous year, driven mainly by licensed casinos and the electronic games sector1. Gaming operations remained the main revenue source at Php73.11 billion, with licensed casinos in integrated resorts contributing Php33.18 billion (45.38%), the E-Games sector Php21.66 billion (29.62%), PAGCOR-run casinos Php15.12 billion (20.68%) and offshore gaming operations Php3.15 billion (4.31%)1. Net income was Php6.81 billion, a 53.27% increase from Php4.44 billion in 20221.
PAGCOR Chairman and CEO Alejandro H. Tengco said the 2023 results exceeded the agency's own projections.
The agency also said it will reduce the GGR remittance rate for online and on-site betting platforms starting April 1, 20241. PAGCOR remitted Php3.65 billion to the Bureau of Internal Revenue as a 5% franchise tax and Php285.20 million for corporate income tax, and paid Php3.06 billion in cash dividends to the National Treasury1. Other recipients of 2023 earnings included the Philippine Sports Commission (Php1.73 billion), athletes and coaches who won in international competitions (Php92.58 million), and compensation for persons wrongly imprisoned (Php63.12 million)1.
What it means for players
188BET's return to the Philippines means players who use the site will be dealing with a PAGCOR-licensed operator, BestCommerce Corporation, from March 191. The change of licensing jurisdiction from the Isle of Man to the Philippines has not been reported in terms of its effect on existing accounts, balances or terms and conditions. The reduction in the GGR remittance rate for online and on-site betting platforms from April 1, 2024 applies to operators, not directly to players, and the new rate has not been reported1.
What happens next
BestCommerce Corporation becomes the PAGCOR-licensed operator for 188BET effective March 191. PAGCOR's reduced GGR remittance rate for online and on-site betting platforms takes effect April 1, 20241. PAGCOR projects GGR of Php336.38 billion for 2024, which it links partly to the scheduled opening of new integrated resorts this year1.
For more on gambling in the country, see Can I Gamble in the Philippines?, Can I Play at Online Casinos in the Philippines? and Can I Bet on Sports in the Philippines?. For operators active across the region, see Online Casinos, Poker Rooms and Sportsbooks That Accept Players in Asia.
Sources1 sources
- jan-mar-2024.pdf, pagcor.ph
