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HomeNewsPhilippinesJade Entertainment’s sportsbet brand suspends operations over unpaid bond

Jade Entertainment’s sportsbet brand suspends operations over unpaid bond

Jade Entertainment and Gaming Technologies has suspended operations of its Jade Sportsbet brand after failing to pay mandatory fees to the Philippine Amusement and Gaming Corporation (PAGCOR).

Joe Pisano, CEO, Jade Entertainment
Joe Pisano, CEO, Jade Entertainment

Jade Entertainment CEO Joe Pisano told AGB that the cash bond of PHP15 million ($260,000) has been increased to PHP25 million ($430,000), and Jade missed the original May 19th deadline for payment.

The company received the notification from the regulator on Wednesday night. Pisano said that “it’s no big issue” and “we will remit the additional bond next week.” Until then, the betting platform has been closed until the operator pays the extra PHP10 million ($170,000).

Pisano explained that the platforms that were the first to obtain licenses were contracted at PHP15 million. Last year, PAGCOR increased the fee to PHP25 million ($430,000), so the first operators had to deposit another PHP10 million.

Jade is one of 22 companies listed on the Philippine gaming regulator PAGCOR’s website as licensed to operate sports betting in the Philippines. Increasing the deposit is part of the regulator’s efforts to improve its regulatory framework.

Jade Sportsbet is only allowed to take bets in the Philippines, so players can only access the site within the country.

Jade Entertainment, a Philippines-based gaming service provider, not only has approval from PAGCOR to operate online gaming platforms but also has retail outlets for betting.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

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