The decision by 188Bet to relocate its operations from the Isle of Man back to the Philippines has garnered significant attention, particularly from the Philippine Amusement and Gaming Corporation (PAGCOR). This move marks a pivotal moment for the nation’s gaming sector, symbolizing a reinvigorated trust in the Philippine regulatory environment.
188Bet’s decision to return to the Philippines underscores the country’s growing reputation as a favorable destination for gaming investments. With PAGCOR’s proactive initiatives and regulatory framework, the Philippines emerges as a robust and attractive market for gaming enterprises seeking stability and growth opportunities.
PAGCOR Chairman and CEO, Alejandro H. Tengco, expressed his appreciation for 188Bet’s choice, labeling it as a “huge vote of confidence for the country as a regulatory haven.” This sentiment reflects the confidence that industry leaders place in the Philippines’ ability to foster a conducive business environment.
Chairman Tengco reiterated PAGCOR’s commitment to fairness and transparency in its regulatory practices. He assured 188Bet and other potential investors of a level playing field, underpinned by a predictable and dependable regulatory framework. This commitment reinforces the integrity of the Philippine gaming industry and instills trust among stakeholders.
188Bet’s intention to operate under a new Philippine-based entity, BestCommerce Corporation, underscores its compliance with PAGCOR’s regulatory standards. Effective March 19, BestCommerce Corporation will be licensed and regulated by PAGCOR, ensuring adherence to stringent operational guidelines and responsible gaming practices.
188Bet’s return to the Philippines is poised to have far-reaching implications for the gaming industry’s landscape. By aligning with PAGCOR’s efforts to attract gaming investments, the company sets a precedent for other international gaming operators to consider the Philippines as a viable market for expansion.
Chairman Tengco outlined PAGCOR’s vision for sustained industry growth over the next five years, with the opening of Integrated Resorts (IRs) and strategic expansions in key locations such as Quezon City, Cebu, and Clark. This strategic roadmap positions the Philippines as a hub for gaming innovation and economic development.
In line with its long-term objectives, PAGCOR aims to transition into a regulatory entity dedicated to overseeing industry growth and attracting further investments. The separation of its casino operations within the specified timeframe signifies a strategic shift towards a more focused regulatory role, aimed at fostering industry integrity and sustainability.
188Bet’s decision to relocate its operations back to the Philippines signals a positive development for the nation’s gaming sector, reaffirming its position as a preferred destination for gaming investments. With PAGCOR’s unwavering commitment to fairness, transparency, and regulatory excellence, the Philippines is poised to emerge as a global leader in the gaming industry
