Philippines’ Gaming Industry Introduces E-cockfights and Online Gambling
The sun is set to shine on Philippines’ gaming industry as the country is set to revamp the gaming industry with E-cockfights and online gambling. Last year the casinos of the Philippines were bustling with a CAGR of 250 billion pesos which crashed to 73 billion pesos September this year due to COVID crisis. Since, people are reluctant to visit the casinos of the entertainment city, the online gaming industry will now be in the spotlight.
This paradigm shift from casino facilities to online gaming will not only save the sick gaming industry but also be responsible for a surge in the overall national income that took a massive hit due to pandemic. The online gambling industry will be made available for foreigners too. This transition has attracted worldwide attention as many gaming giants have approached the country intending to target overseas gamers.
The first on the list to go online is cock-fighting and is especially meant for gamers from South America. It will be followed by online horse racing and dog racing exclusively for the U.S. and U.K. market. Other than the overseas market the regulators are keen to focus on the local market too. As online betting is buzzing with overseas clout, shifting the focus to local betting could bring a considerable profit from its home-turf.
Online gaming would also address the issue of understaffing. According to Jaime Morente, the chief of the Bureau of Immigration, the country experiences a shortfall of 100,000 Chinese staff due to the COVID situation. The workforce of Philippine offshore gaming operators (POGOs) mostly consists of Chinese immigrants. The operations of the POGO have slumped since the pandemic. The dark forces hover over the capital city of the Philippines owing to the high tax regime. This is cited as another reason for immigrants to march to other south Asian territories.
The President of the Philippines who strongly opposed the culture of POGOs that harbored security, money laundering, and bribery issues has now welcomed the online move as it is one of the sources to gain a grip on the declining economy of the country post lockdown. While boosting the revenues of the online gaming industry is essential, developing a draconian security system to safeguard the interest of the public is equally essential. On the brighter side, the popular casinos have received the permits and will soon go online.
This paradigm shift from casino facilities to online gaming will not only save the sick gaming industry but also be responsible for a surge in the overall national income that took a massive hit due to pandemic. The online gambling industry will be made available for foreigners too. This transition has attracted worldwide attention as many gaming giants have approached the country intending to target overseas gamers.
The first on the list to go online is cock-fighting and is especially meant for gamers from South America. It will be followed by online horse racing and dog racing exclusively for the U.S. and U.K. market. Other than the overseas market the regulators are keen to focus on the local market too. As online betting is buzzing with overseas clout, shifting the focus to local betting could bring a considerable profit from its home-turf.
Online gaming would also address the issue of understaffing. According to Jaime Morente, the chief of the Bureau of Immigration, the country experiences a shortfall of 100,000 Chinese staff due to the COVID situation. The workforce of Philippine offshore gaming operators (POGOs) mostly consists of Chinese immigrants. The operations of the POGO have slumped since the pandemic. The dark forces hover over the capital city of the Philippines owing to the high tax regime. This is cited as another reason for immigrants to march to other south Asian territories.
The President of the Philippines who strongly opposed the culture of POGOs that harbored security, money laundering, and bribery issues has now welcomed the online move as it is one of the sources to gain a grip on the declining economy of the country post lockdown. While boosting the revenues of the online gaming industry is essential, developing a draconian security system to safeguard the interest of the public is equally essential. On the brighter side, the popular casinos have received the permits and will soon go online.
