Good Morning. The laudable goal of helping the poor – the reason the Philippines says it’s aiming to lower its tax on personal winnings from the lottery and the casino – could actually have the opposite effect, notes Ben Lee in this week’s Under the Scope. Meanwhile, in Macau, authorities have banned over 2,000 people from entering casinos over illegal money exchange activities. And in Vietnam and Cambodia, Donaco benefits from China’s reopening, as revenue rises by nearly half.
What you need to know
- Under the Scope: Philippines move to reduce tax on winnings could have the contrary effect it proposes: Ben Lee.
- Macau police found over 11,000 individuals involved in illegal money exchange last year, banning over 2,000 from entering casinos.
- Donaco’s Aristo sees revenue rise by 45 percent quarterly, as China reopening leads to increased visitation in Vietnam and Cambodia.
On the radar
- SPiCE India event relocated to Colombo amid legal concerns.
- Flutter starts trading on New York Stock Exchange.
- PAGCOR staff see salaries aligned with other government organizations.
- BMM Testlabs upgrades to global organization with new roles and promotions.
- MGTO offers free transport tickets from HK to Macau in February.
- Macau to host sports conference featuring Li Ning and Dwayne Wade in February.
AGB Intelligence
UNDER THE SCOPE
Philippines taxation measures could fall far from goals
A proposal to lower the taxation rate on personal winnings from the lottery or in the casino in the Philippines could fall far short of its goal of helping the disadvantaged. In this week’s Under the Scope, Ben Lee points out how lotteries are commonly known as “a regressive form of tax on the poor”, and that the new measures proposed could effectively be “robbing the poor to give to the rich”.
Philippines: largest growth market in 2024
The Philippine Amusement and Gaming Corporation is allowing for more innovation in the country, while new openings and improved infrastructure are facilitating growth, says Jade Entertainment and Gaming Technology CEO Joe Pisano.
Corporate Spotlight
1xBet sums up 2023: Innovations, awards, partners and winnings
1xBet is writing a success story with you and is happy to share its achievements in 2023. During 2023, 1xBet extended sponsorship agreements with world-famous sports clubs, cooperated with new partners and ambassadors, collected awards, and paid millions of dollars in winnings!
Industry Updates
- King Midas Games targets global expansion through strategic rebrand.
- Digitain integrates Bragg’s Games.
Registration open for the ASEAN Gaming Summit 2024
Registrations for the 2024 ASEAN Gaming Summit, the calendar conference of excellence of the gaming industry in the region, are officially open. Scheduled from 19th to 21st March 2024, the Summit is the gateway to the Next-Gen of gaming in Asia.
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