Growth of Online Casino Industry in Philippines
It was in the early 1990s when the first online casinos were first established and offered to players. InterCasino, 888 Casino, and Microgaming were the first online gambling companies that took charge of redefining casino entertainment. The first two iGaming companies were the first two online casinos, and the latter boasts itself as the first true online casino software provider. With the gates opened, casino enthusiasts discovered the perks and excitement that come with online casino gambling.
In an online casino environment, players get to enjoy the e-games in the comfort of their homes and offices. And thanks to the friendly competition among online casino operators, players enjoyed lucrative promotions and bonuses that enhanced the gaming experience. Fast-forward to 2020. Today, online gambling is lively as ever, and its effects and influence are now felt in different countries including the Philippines.
The Philippines as a Thriving Hub for Online Gaming
As a deeply religious country, the Philippines take gambling seriously. For this reason, gambling, in general, is illegal in the country. Based on passed laws, locals are not allowed to bet on traditional gambling activities like card games, poker, and number games. Also, players from the Philippines are not allowed to bet real money on sites that are licensed in the country. However, this does not mean that gaming is completely not available. On the contrary, the country offers a friendly environment for gaming operators provided that these are foreign operators licensed in the country or if the providers comply with industry regulations set by local agencies. The main national agency tasked to regulate these gambling activities is Philippine Amusement and Gaming Corporation (PAGCOR).
You can think of PAGCOR as the local counterpart of the UK Gambling Commission in the United Kingdom. This government corporation is tasked to regulate gambling in the country. As the country’s main regulator, it regulates and licenses operators who want to offer gambling services in the country. Also, it operates its network of integrated resort-casinos, bingo, sports betting terminals, and electronic games.
Thanks to its initiatives, the government takes a substantial revenue from casino operations. In the first six months of 2019, the government agency reported an income of Php 36.57 bn or $15.7 million. This amount shows an increase of 9.3 percent when compared to the income from last year in the same period. Of this amount, the company paid Php 19 bn in taxes and other compulsory payments. This amount includes the more than Php 17 bn that’s automatically transferred to the coffers of the Bureau of Treasury. In short, gambling serves as a major income source not just to the agency but for the Philippine government as well.
Online Casino to Continue Its Growth
The iGaming industry is still growing and this serves as great news for many stakeholders including the Philippines. As long as there are iGaming companies that are continuously working to provide players with games, the country will always benefit from this.
Different factors are powering the growth of online casinos. One factor is the increasing popularity of mobile devices. Thanks to increased mobile penetration, players are given more chances to explore the games across devices. With mobile devices, players can now enjoy the games using a native app flexibly and comfortably.
Another factor is the improvement in technology. New technologies like the use of 3D and live casinos are changing the quality of online casino entertainment. Today, you can find online casino sites Philippines that offer live dealer casino games that are more authentic, challenging, and truly engaging.
Other important factors that help push the popularity of online casino games are security, improved privacy, and better user experience. Today’s online casinos are integrating all these to further improve their services. Thanks to this continued growth, the benefits to popular offshore gaming destinations like the Philippines will continue as well.