PAGCOR moving towards privatization

12 Sep 2017

PACGORMajor developments are expected within the next year in the Philippine gaming industry.

According to a government announcement, 17 land based casinos that are currently operated by PAGCOR (Philippine Amusement and Gaming Corporation), are scheduled to be privatising.

Finance Secretary Carlos G. Dominguez told in an interview to the Philippine Inquirer: “That should be one by one because every casino is very different from the other, and then, we’ll figure out the method of privatization. “It’s not going to happen overnight and the deals are quite complex so we have to piece it out and see what is the best deal for the government. If we don’t privatize, they might actually lose their customers. We might as well do it now. And the revenue stream, that’s why we have to analyze how much revenue come from their winnings as against how much of the revenues come from the fees that are being paid.And secondly, of course, it will remove the conflict of interest when you are the regulator as well

Last year, President Duterte has told PAGCOR to go ahead and privatize its casinos. The reason is that there are complaints from private casinos, as PAGCOR acts as both a regulator and a casino operator. If these changes are implemented, it will be interesting to see how Dafabet, the biggest bookmaker in Philippines, will react.

On the other side, PAGCOR has expressed its concern that the government could be set to lose as much as $475m in revenue contributions each year if they chose to move on casino privatization.

During the last 10 years, PAGCOR has proven to be a quite generous source of revenue for the Philippine government.

In the first quarter of 2017, PAGCOR reported a rise od 26.75% in income from its gaming operations when compared to the same period of 2016, jumping to $285.3m.

Join and grab exclusive bonuses, daily offers and free bets!

Lay hands on exclusive daily bonuses for members only. These promos are limited and are not advertised on the website.

Yes, I have read the Terms & Conditions and I consent to receiving emails from Bookmakers.bet regarding betting promotions, betting guides and news.

BOOK SPY

1Xnews, the official portal of 1xBet, has announced an agreement with football club Goa of the Indian Super League. The deal is for the 2021/22 season...

Read more »

The Premier League’s football club Chelsea and its partner, the renowned bookmaker Parimatch, have launched their brand new campaign named ‘The Chosen...

Read more »

According to recent research, gambling-related companies are the most common form of shirt sponsors in European football for another year. Over one fi...

Read more »

Despite the new regulation in Germany and the Netherlands LeoVegas, the Nasdaq-listed group, announced a 12% increase of its total revenue in the Q3 t...

Read more »

After the new agreement that the Union of European Football Associations (UEFA) and Sportradar announced, the sports betting data provider will be an ...

Read more »

The government of Sweden announced that the harsh online gambling restrictions that include a SEK 5,000 (i.e. £424/€491/$600) monthly deposit cap will...

Read more »

Entain has created an exclusive content for Formula 1 fans and will cooperate with McLaren. Via its Partypoker Sports brand, the sports betting group ...

Read more »

The Gaming Control Authority, a part of the Ministry of Finance of Lithuania, announced that it issued a warning to every sports betting company opera...

Read more »

The English football club, Queens Park Rangers (QPR) made a new agreement for a sponsorship with Gamstop. From now on QPR will dedicate matchday and p...

Read more »

According to data from the regulatory authority of France L’Autorité Nationale des Jeux (ANJ) the online sports betting sector in the country made a r...

Read more »

LATEST BOOKMAKER PROMOTIONS