Overview of Online Casino and Gambling in the Philippines
Asia is not just the biggest continent, it’s also home to a diverse set of colorful cultures. In different countries, you can expect a variety of practices that define their identities, traditions, and belief systems. And this variation of culture also helps in the growth of its peoples and the development of countries toward modernization. However, despite its vibrant culture and commitment to growth, the conservatism in many parts of the continent hindered the growth of online gambling. For example, in China and India, gambling activities are heavily regulated as dictated by their conservative cultures. In Singapore, gambling is completely not allowed. And in Thailand, almost all forms of gambling are illegal except for two games. In general, the region is not the most friendly destination for casino operators.
However, things are looking up for the industry, at least in some parts of Asia. In the last few years, the rules on the online gambling industry in some cities and countries are relaxing, paving the way for the establishment of new iGaming companies. One country that’s taking the charge in offering a friendly climate for online gambling is the Philippines.
Online Gambling- The Exciting Case of the Philippines
The Philippines is not the only country that allows online gambling but its experience is one of the best in the region. According to many statistics, the country is one of the fastest-growing gaming markets in the region. And its integrated casino-resorts and betting terminals helped create jobs and generate much-needed fees and taxes for the government. In 2019, it was projected that the gross gambling revenue can reach Php 217 bn or $4.1 bn. This was disclosed by Andrea Domingo during an interview by Reuters in January 2019. This gross figure, according to Ms. Domingo, also includes the local units of Melco Resorts & Entertainment and the Universal Entertainment Group of Japan.
She added that the gross income for 2019 shows a marked increase from 2018. This is just one of the reasons why the Philippines is now an exciting destination for online gambling. Keep in mind that the figure does not include the real money wagers played by locals on licensed offshore gaming companies like 888 Casino. So if we add the business contributed by these licensed offshore casinos like 888 Casino, you can expect a much bigger gambling market.
Factors that Help Push the Growth of Online Gambling in the Philippines
There are two general reasons why the country is one of the brightest destinations for gambling. One, the government offers a friendly business climate and accommodating laws for offshore online gambling operators. As long as these operators comply with the requirements of regulators based in the country, they can set shop and operate.
A perfect illustration of this is the ongoing growth of Philippine Offshore Gaming Operators or POGOS in the country. These are primarily companies based in China and they operate back-offices in the country to cater to the gaming demands of players from mainland China. Since these POGOS operate in the country, they pay the required fees and taxes that can help boost the offers of the government. Also, they hire local workers to help them in their operations. Furthermore, their presence in the country also boosts the demand for real estate properties which help grow this sector.
Another reason for the growth of online gambling and casino games is the ban on online gambling in many Southeast Asian countries. Since these countries ban gambling, the operators are left with no choice but to find attractive destinations. And the Philippines is more than ready to accommodate the business of these offshore gambling companies.