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PAGCOR owes Government PHP15.4 billion

Tuesday, July 12, 2016 :  NEW BLOW FOR PAGCOR
 
Government audit commission claims government owed PHP15.4 billion (US$325.5 million) by regulator.
 
PAGCOR, the Philippines gaming regulator already reeling from a moratorium on its power to issue licensing has now been hit with a government claim for PHP15.4 billion (US$325.5 million) as a result of under-remittances from 2011 to 2015.
 
The Commission on Audit annual report notes that PAGCOR should have remitted PHP 98.5 billion in total to the Bureau of Treasury, but only remitted P72.599 billion. Apparently the PAGCOR miscalculation was due to its incorrect interpretation of the law.
 
Responding, PAGCOR management maintains that it remitted the correct amount, but the Commission remains adamant that its calculations are correct.
 
“We stand firm with our stance that aggregate gross earnings pertained to the totality of the income from gaming revenues and income from other related services,” the audit authority said in a statement.
 
In related news, online gambling company PhilWeb has been given temporary breathing space on its recently expired licensing from PAGCOR, which has agreed a month-by-month renewal while it sorts out its own problems following the condemnation of internet gambling by the recently sworn in Philippines president Rodrigo Duterte.
 
InfoPowa readers will recall that the presidents antipathy to online gambling has resulted in a moratorium on new PAGCOR licensing.
 
PhilWeb shares continued to decline Monday, dropping another 13.6 percent following its request on July 4 for a three day suspension in trading (see previous InfoPowa reports).
 
In a statement to the Philippines stock exchange PhilWeb revealed that its licence had been extended until August 10. Along with the filing was a letter from the new PAGCOR chairperson, Andrea Domingo, stating the licence would only be issued for the month until President Rodrigo Duterte’s “directive regarding online gambling can be clarified.”

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Gambling News :

Anti Gambling bill S. 3376 - #s3376 Industry observers were taken by surprise late Friday when a little-known Republican Senator from Arkansas, Tom Cotton, filed the beginnings of a new bill in the US Senate Committee on the Judiciary in what appears to be a move to toughen the US legal stance on the Unlawful Internet Gaming Enforcement Act of 2006 and possibly the 1961 Wire Act.

2016 WPT Borgata Main Event Results - @MrJesseJames888 Four years ago the poker world watched as Jesse Sylvia and Greg Merson fought it out in the heads up of the World Series of Poker main event, with Sylvia narrowly defeated but taking home a second placing pay check for $5,292,889.

G-Sports debuts with the game Road Redemption - #esports Land, online and mobile gambling publisher Gamblit Gaming has debuted in the burgeoning eSports sector, unveiling its new eSports platform branded G-Sports with the hit PC and console game Road Redemption.

French licensed gambling operators lost $5M in 2015 - #france Numbers released by the French online gambling regulator ARJEL have illustrated the continued folly of a ring-fenced and restricted online gambling market saddled with a harsh and operator-unfriendly tax regime.

NO PRIVATISATION FOR ONTARIO LOTTERY - The privatisation of the Ontario provincial lottery will not go ahead despite proposals by major companies like IGT-GTech, Scientific Games and Rogers Communications submitted in response to the provincial government’s 2014 Request for Proposals.

Space Invaders wins Best Slot Product Award - The growing emphasis on skill-based slot machines that are more appealing to the millennial demographic has seen Scientific Games awarded a Best Slot accolade for its Space Invaders game at the 2016 Gaming and Technology Awards.

Loss Recovery Act has again been defeated in a class action lawsuit - #gameofwar Illinois notorious Loss Recovery Act has again been defeated in a class action lawsuit...this one emanating from in-game activity on a mobile social gaming video game.

NEW MARKETING CAMPAIGN FROM LADBROKES - The Ladbrokes land and online gambling group has launched its latest marketing campaign, with the first television advertisements ready to screen this Saturday.

Gamesys acquires Snowcat Games - London online gambling provider Gamesys has announced the acquisition of Estonian online gambling games developer Snowcat Games for an undisclosed consideration, noting that the deal will strengthen its development capabilities.

BetConstruct adds virtual sports products - The Golden Race package includes premium virtual content including; football, tennis, Real MMA Fighting, horse and greyhound racing, along with lotto and keno games content.

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