Good Morning. The Philippines generated considerable excitement when it became the first jurisdiction in Asia to attempt to regulate and raise tax revenue from domestic online gambling. Other jurisdictions around Asia are watching the experience closely. However, 18 months on, there may need to be a rethink when it comes to the operating model and taxation to help the nascent industry compete with the illegal market, which is generating about 40 to 50 times more revenue than the legal operators, industry stakeholders shared at the ASEAN 2022 Gaming Summit.
What you need to know
- The number of licensed offshore gaming operators in the Philippines has fallen to 35, with only 26 of those currently operational: PAGCOR
- Countries adopting a jurisdictional model for regulating online are likely to account for two-thirds of the total within five years: Spectrum.
On the radar
- Macau sets up tender committee for casino concessions.
- Bloomberry formally tops off Solaire North in Quezon City.
- Victorian Gov. launches trial program to combat problem gambling.
ASEAN 2022 FOCUS
Eighteen months after the introduction of the first online gambling licenses in the Philippines, industry players would like to see regulation evolve to create a level playing field and allow them to compete with the booming illegal industry. PAGCOR introduced Philippines Inland Gaming Operator licenses (PIGOs) in late 2020, responding to a government call to help raise revenue to fight the Covid pandemic. It was the first jurisdiction in Asia to regulate domestic online gaming, but the nascent industry may need a rethink to allow it to reach its full potential, experts on a panel at the ASEAN Gaming Summit in Manila said.
- IGT announces refinancing of loan facilities.