PAGCOR Reports Decline in Revenue Due to E

PAGCOR loses money on new anti-gambling rules that continue to put the regulated iGaming sector on the backfootImage Source: Shutterstock.com

The Philippine Amusement and Gaming Corp(PAGCOR) has reported a “sharp decline” in the overall online gambling revenue generated from the sector in August. This is the first month of operations since a block on e-wallet payments was enacted, leading to the dip in overall performance.

New Measures Bite into PAGCOR’s Income-Generation

Commenting on the results, Jessa Fernandez, PAGCOR’s assistant VP for offshore gaming licenses, said that the e-wallet payment prohibition has significantly depressed income opportunities, with the measures enacted in August also affecting marketing, and the overall reach licensed operators in the country have.

“Now that we are implementing an initial minimum deposit, we have also observed that more players or patrons are refusing to continue playing with legal online gaming operators,” Fernandez said during a House Committee on Games and Amusementsin Congress.

Yet, an e-wallet payment ban may not be the last on the list of woes the sector is likely to face in the coming months. Voices continue to be heard for the sector’s suspension, with online gambling increasingly under attack and calls for its dismantling.

The Philippines’ President, Bongbong Marcos, has so far resisted such ultimatums and has preferred to maintain ambiguity on the matter. At the same time, the bulk of consumers in the country is open to a regulated gambling market and thinks that online casinos ought to be regulated, not banned.

However, political and religious leaders, as well as China, have been nudging the current government towards reconsideration of its stance on gambling and possibly pulling the trigger on killing the regulated market. This would only spell trouble for the Philippines, which would lose money from revenue and also lose money in trying to tackle a much larger illegal gambling market.