State-run gaming regulator PAGCOR has announced a new category of offshore license for “Sports Betting on Regulated Wagering Events.”
According to an announcement dated May 3, 2017, the special class of sports betting refers to “an offshore gaming operator that accepts and/or facilitates wagers on regulated gaming events” which includes horse and dog racing. It also allows for companies to provide live event audio and visual feeds of regulated gaming events, as long as it has express permission from the event to do so.
The applicant must also adhere to the regulated event’s fees and tax requirements, as required by the foreign authority.
Holders of the special licenses will be required to remit to PAGCOR 1.5 percent of their gross gaming revenue on a monthly basis, along with all other fees normally associated with PAGCOR licensing.