The Philippines is undergoing a transformative shift in its approach to online gaming, moving away from controversies surrounding Philippine Offshore Gaming Operations (POGOs). The country is set to capitalize on the success of POGOs by launching its international online casino brand, “Casino Filipino.” This bold move aims to attract global audiences and bolster the nation’s gambling industry.
PAGCOR’s Vision:
The Philippine Amusement and Gaming Corporation (PAGCOR), responsible for regulating and operating gambling facilities, is spearheading this initiative. PAGCOR Chairman Alejandro Tengco recently announced the plan during the SiGMA Asia gaming conference. He emphasized that venturing into online gaming would enable PAGCOR to access new markets and a broader audience, recognizing the immense potential of the global online gambling market, valued at approximately $63.53 billion in 2022 and steadily growing.
Revenue Generation:
PAGCOR’s motivation for this strategic move is to secure a consistent stream of revenue to support the country’s budgetary needs. During the height of the COVID-19 pandemic, PAGCOR’s 41 physical casinos played a vital role in funding the healthcare system. In 2022, PAGCOR generated nearly $300 million in revenue. With the introduction of an online casino platform, these figures are poised to rise significantly.
Overhauling the Gambling Landscape:
The decision to revamp the gambling sector and introduce diverse forms of wagering, including online betting, was driven by the need to address budgetary shortfalls and fund various social initiatives. POGOs, despite their political controversies, continue to contribute significantly to the country’s revenue, with 32 offshore operators.
POGO Controversies:
POGOs have been a source of discontent, causing political tensions within the country. Critics argue that maintaining the POGO status has strained relations with neighboring countries, notably China.
Casino Filipino Launch:
The launch of “Casino Filipino” is scheduled for early 2024, ushering in a new era of online gaming. Detailed plans and strategies for the brand’s rollout are expected to be unveiled as the launch date approaches.
The Philippines’ shift towards embracing online gaming through “Casino Filipino” reflects a strategic move to harness the immense potential of the global online gambling market. This initiative not only ensures a consistent revenue source but also strengthens the nation’s position in the rapidly evolving gambling industry.