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PhilWeb Corporation inks joint venture agreement with an influential operator
The Manila-listed online gambling technology provider PhilWeb Corporation scored a significant coup this week, inking a joint venture agreement with the Cambodian firm 5P Corporation with the goal of breaking into the online and mobile gambling sector in the country, which boasts a population of some 15 million.
5P has influence arising from principal shareholder Hun Sun Ny, the sister of Cambodian prime minister Hun Sen.
“The Cambodian joint venture is consistent with PhilWeb’s focus on an international expansion strategy,” read a statement from the Manila-based firm.
“PhilWeb is also working to obtain gaming licenses in other countries including Laos, Vietnam, Myanmar, Guam, Saipan, Palau, Papua New Guinea, East Timor, Nepal and others.”
Eighty percent of the joint venture is owned by PhilWeb Cambodia Limited, a subsidiary of PhilWeb, which estimated that total capital investment over a five-year period would reach five million US dollars.
PhilWeb acts as the enabler of the State-run Philippine Amusement And Gaming Corporation (PAGCOR) and revealed that its latest venture had already secured a Cambodian gaming licence in order to operate lotteries and online casino cafes.
The Philippines government recently indicated that it was considering the privatisation of PAGCOR
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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