THE Philippine Amusement and Gaming Corp. (PAGCOR) said it has no immediate plans to lift its moratorium on issuing new licenses for online gaming platforms.
Asked whether the moratorium, which began on March 1, 2024, will continue, PAGCOR Chairman Alejandro H. Tengco told BusinessWorld: “For now, maybe it should just be like that.”
“We’ll review it first to see if lifting the moratorium is appropriate,” he added on the sidelines of a House budget briefing on Wednesday.
Mr. Tengco told legislators that PAGCOR “temporarily” stopped accepting new applicants for accreditation as gaming system service providers.
He said applications submitted before the March cutoff will be processed. These will undergo vetting through PAGCOR’s “probity checker,” which verifies identities, key officials, financial capacity, and criminal records of applicants.
Currently, there are more than 70 licensed online gaming sites and applications, including ArenaPlus, Playtime, OKBet and BingoPlus.
Despite the freeze, online gaming remains the top contributor to PAGCOR revenue.
The regulator expects to generate P116.65 billion in revenue this year, with 60% likely coming from online gaming.
In the first seven months, it collected P37 billion from digital betting platforms.
“If there is a total ban, it will have a big effect on the revenue of PAGCOR. There is no question about that,” he said.
Mr. Tengco added that he is open to proposals from the Department of Finance requiring online gaming operators to list on the Philippine Stock Exchange.
“Most of the major players are already listed, so it might not be a problem,” Mr. Tengco said. “But smaller operators may not have the capacity to list.”
He added that PAGCOR is also studying whether increasing remittance rates from e-gaming operators could help address regulatory and social concerns.
“We will definitely look at the matter,” he said.
PAGCOR’s take is 30% from sole e-gaming platforms, reduced from 35% in January.
Integrated resorts are charged 25% to reflect operating expenses of bricks-and-mortar venues. — Aubrey Rose A. Inosante