MANILA, Philippines - The Philippine Amusement and Gaming Corp. expects to generate around P6 billion from online gambling taxes.
Jose Tria Jr., assistant vice president of the Offshore Gaming Licensing Department of Pagcor, said the state-run gaming agency has so far issued 42 offshore gaming licenses with 44 more applications pending its approval.
These new operators, which are called Philippine Offshore Gaming Operators (POGO), offer e-casino games and sports betting to overseas players.
Applicants are required to pay $50,000 for online casino operations and $40,000 for sports betting operations. Once the license is granted, the operator will need to pay an additional $200,000 for e-casino license and $150,000 for a sports betting license.
Tria said the agency is putting in place a strict audit system to ensure the protection of the bettors and that the regulations are being complied with.
Authorized players of these offshore gaming offerings must be foreigners based in another country. Foreign nationals who are staying in the Philippines and Filipinos residing abroad are not allowed to take part in the online gaming activity.
Likewise, individuals who are under 21 years old are not allowed to play.