188Bet’s return to the Philippines signals confidence in regulatory environment
188Bet previously had offices in Makati but relocated during the administration of former President Rodrigo Duterte.
The Philippine Amusement and Gaming Corporation (PAGCOR) has expressed its appreciation for 188Bet’s decision to relocate its operations from the Isle of Man back to the Philippines.
188Bet’s return to the Philippines marks an important moment for the nation’s gaming sector, signifying renewed confidence in the regulatory environment. With the evolving landscape and PAGCOR’s proactive measures, the Philippines appears poised for a robust and investor-friendly gaming industry.
PAGCOR Chairman and CEO, Alejandro H. Tengco, characterised this move as a “huge vote of confidence for the country as a regulatory haven.”
Tengco then went on to add: “188Bet’s move is a very positive response to our call for gaming investors to come to the Philippines.
“We would like to assure 188Bet and other potential investors that PAGCOR shall continue to be fair to everybody and that there will be a level playing field with a predictable and dependable regulatory framework.”
188Bet outlined its intent to operate under a new Philippine-based company, BestCommerce Corporation – licenced and regulated by PAGCOR – effective from 19 March.
The sports betting and casino company’s decision aligns with PAGCOR’s ongoing efforts to attract gaming investments to the Philippines.
Chairman Tengco stated: “Overall, the industry can expect sustained growth in the next five years, with at least one Integrated Resort (IR) opening every year beginning this year in Quezon City, to be followed by new IRs in Cebu, Clark and other equally strategic locations.”
Additionally, PAGCOR aims to fully separate its casino operations within the same timeframe, evolving into a regulatory entity dedicated to overseeing industry growth and attracting further investments.
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