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PAGCORP TIGHTENING UP ON INTERNET GAMBLING PERMITS

PAGCORP TIGHTENING UP ON INTERNET GAMBLING PERMITS
 
124 permits revoked as black market in licenses flourishes.
 
The Philippine Games and Amusement Corp. has revoked the permits of 124 online e-game outlets throughout the country for violation of its existing rules and regulations... specifically that the permit holders had no actual venues, The Manila Standard newspaper reported Friday.
 
Permits for a further 424 e-games and 302 e-bingo outlets will not be renewed, and no further licenses would be issued, the newspaper reported, quoting comments made at a media forum by PAGCOR chairperson Andrea Domingo.
 
Domingo explained to reporters that a black market in permits exists, with unscrupulous individuals paying P40,000 in permit fees, only to sell the permits on for "several millions of pesos".
 
The Philippines government earns about P8 billion to P9 billion a year (around US$190 million) from online gambling alone, Domingo revealed, commenting on the moratorium on the issue of online permits that she has imposed following a recent Cabinet statement by new national president Rodrigo Duterte that he intended to curtail online gambling.
 
Starting next year, PAGCORs contributions to government agencies will be consolidated through the Bureau of Treasury in the interests of transparency and accountability, and for inclusion in the national budget, Domingo said, explaining that certain government agencies frequently seek donations but are reluctant to account for how the money is spent.
 
In wider commentary, Domingo claimed that:
 
* PAGCOR delivers to the government the largest share of all state-owned assets;
 
* That a task force to combat illegal gambling is currently being assembled and will include police and other law enforcement agencies and;
 
* That a survey is being carried out of gambling venues and their proximity to schools, churches and other sensitive areas.
 
So far it is only organisations involved in offering services to Philippines residents that appear to be under scrutiny; international online gambling through the First Cagayan Leisure and Resort Corp in the Cagayan Economic Zone Authority (who are not permitted to access Philippine players) have not so far been affected, but will no doubt be anxiously monitoring developments.
 
So will Philippines operators like Philweb and Leisure and Resorts who are directly impacted by the negative presidential statements and the resultant PAGCOR fall-out, and have seen their share prices decline.
 
Philweb is currently on borrowed time, having been granted a one-month extension of its expired licence, but faces an uncertain future.

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Gambling News :

Unibet Name Changed to Kindred Group plc - Following an extraordinary general meeting at which shareholders approved the change of the Unibet title and brand to Kindred Group plc, the online gambling group will begin trading under the new name on December 12.

Kenya Betting Control Board Reviewing Changes - Kenya's booming sports betting sector could be facing stiffer government controls, especially regarding marketing, advertising and promotions, according to local media reports revealing that parliament is studying potential amendments to the Betting, Lotteries & Gaming Act.

Britan To Tighten SpreadBetting Controls - The UK media reported widely Tuesday that Britain's Financial Conduct Authority has announced a crackdown on spread betting using contracts for difference (CFDs) following FCA research that showed 82 percent of clients had lost money in the sector.

Playtech to Buy Back 50 Milliuon in Shares - #playtech In a statement, the company said that the decision reflects continued confidence in the growth and prospects of the business and its high cash generation, and revealed that it continues to trade in-line with expectations.

Sentencing in Vietnam Gambling Bust - The People’s Court in HCM City handed down sentences Monday to dozens of defendants linked to a major online sports betting ring dismantled last year by Vietnamese police.

Gamevy in Deal With Betsson - #Gamevy says it is partnering with several leading operators to deliver bespoke content that offers a real point of difference to players and increases brand loyalty.

Pkr To Offer Virtual Sports - #pkr The long established and respected online poker and casino operator PKR.com has followed its switch to Microgaming's MPN network earlier this year and the more recent launch of its live dealer offering with a new Virtual Sports attraction powered by Kiron Interactive.

Boris Becker New PartyPoker ambassador - #partypoker To celebrate the signing PartyPoker has created a Beat the Ace competition in which players get the opportunity to test their skills and luck in four $5,000 freerolls which started December 5. The overall winner will then get to play Becker heads up live in Germany for up to $25,000.

Snowmania Slot Launches - Capturing the festive feel in the now chilly northern hemisphere, RealTime Gaming has released its December offering, a 5 reel, 20 pay-lines online slot with a jackpot of 37,500 coins.

SportPesa is negotiating a major sponsorship deal with Everton - #SportPesa The Kenyan retail and online sports betting firm SportPesa is in the football sponsorship headlines again just days after news that it has inked a multi-million pound partnership with Hull City FC.

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