PhilWeb forms new unit for online casino gaming

MANILA, Philippines - Listed technology gaming firm PhilWeb Corp. has formed a new unit that will operate its money-making online casino business.

The new company, Philweb Homeplay Inc., has applied for business registration at the Securities and Exchange Commission with an initial capital base of P10 million.

PhilWeb’s main revenue source consists of providing technical, marketing and cash management services to the state-run Philippine Amusement and Gaming Corp.’s e-Games Cafe-Internet cafes offering proprietary gaming software designed by Real Time Gaming Asia. These cafes provides online versions of all games that can be found in a land-based casino, including poker, blackjack, baccarat, other card games, slot machines, roulette and craps.

The company also provides technical, marketing and cash management services to Pagcor’s Internet sports betting business operated through counter outlets specializing in gaming.

PhilWeb has installed betting terminals in about 183 betting outlets for its Basketball Jackpot game. This is Pagcor’s legal alternative to the widespread illegal street betting operations known as “basketball ending.” The company intends to increase the number of outlets selling the game further by setting up stand-alone computers exclusively. 

PhilWeb posted a net income of P144.8 million in the third quarter this year or more than double the previous level a year earlier due to the continued strong growth of its core gaming businesses.

In the nine months ending September this year, PhilWeb’s net earnings grew 76 percent to P372.4 million, largely driven by the opening of more Pagcor e-Games Café branches which now currently stand at 159.

PhilWeb had a total of 159 e-Games Café stores as of end-September this year, from 108 in the same period a year ago.

PhilWeb was also able to increase same-store income via additional terminals, renovations and upgrades in service standards, including the introduction of exclusive “high-roller” areas and improvements in operations and marketing cascaded to all operators in the system.

Given its robust performance in the third quarter, PhilWeb said it is confident it can sustain its gains for the rest of the year, particularly doubling its net income with the launch of more game offerings in the fourth quarter.

PhilWeb is set to introduce NBA games betting for its Basketball Jackpot product, while its mobile gaming unit will relaunch the Bureau of Internal Revenue’s Premyo Sa Resibo program as “Instant Premyo Sa Resibo,” in which users will know instantly whether their entry has won or not, in the same manner as a “bottle cap” or scratch card promotion.