PAGCOR Hopes to Launch Online Casino by Year’s End
The Philippine Amusement and Gaming Corporation (PAGCOR) is accelerating its efforts to launch an online casino platform by the end of 2024. This initiative aims to tap into the growing online gambling market in the Philippines and generate additional revenue for the state-owned corporation.
PAGCOR Chairman and CEO Alejandro Tengco speaks in front of the Philippine House of Representatives. (Source: Philippine House of Representatives)
LISTEN TO THIS ARTICLE:Alejandro Tengco, PAGCOR's chairman and chief executive, expressed optimism about the project's timeline during a recent interview with media outlet GGRAsia. He acknowledged the significant progress made so far and indicated that further details, including the possibility of a joint venture with an established online gaming company, are expected to be revealed sometime in July.
The introduction of an online casino platform by PAGCOR has been met with mixed reactions. Proponents argue that it will provide a regulated and secure environment for Filipinos who already participate in online gambling, many of whom currently utilize unlicensed platforms. This, they believe, will generate tax revenue for the government and allow for stricter oversight to prevent fraud and protect vulnerable users.
Opponents, however, raise concerns about the potential for increased gambling addiction, particularly among younger demographics. They argue that the accessibility and convenience of an online platform could exacerbate existing problems and lead to increased financial strain on individuals and families. Several lawmakers in the Philippines have introduced legislation to ban all forms of online gambling.
PAGCOR has acknowledged these concerns and has indicated that it will implement responsible gambling measures within the online platform. These measures may include age verification protocols, deposit limits, and self-exclusion options for users who wish to restrict their access.
More Business News
More Details Forthcoming
The specifics of these measures and how they will be enforced will likely be a key area of focus when further details about the online casino platform are revealed in July. Additionally, the potential involvement of a joint venture partner is another intriguing aspect of PAGCOR's online casino plans.
Partnering with an established online gaming company could offer several advantages. The chosen partner could bring expertise in online casino operations, technology infrastructure, and responsible gambling practices. Additionally, an existing player in the online gambling market could possess valuable customer insights and marketing strategies that would benefit PAGCOR's platform.
The identity of any potential joint venture partner remains unknown for now. However, the chosen partner will play a significant role in shaping the success of PAGCOR's online casino platform and will have to demonstrate a strong commitment to responsible gambling practices to appease public concerns.
The launch of PAGCOR's online casino platform, if it proceeds as planned, will mark a significant development in the Philippine gambling industry. First, however, PAGCOR needs to convince the opposition.
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for PAGCOR Hopes to Launch Online Casino by Year’s End