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PAGCOR STRENGTHENS REGULATORY CONTROLS TO MAKE THE PHILIPPINES A PRIME GAMING DESTINATION

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Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco discussed the agency’s plans and programs to make the Philippines a leading gaming destination in the ASEAN region.

Chairman Tengco was invited to deliver the Keynote Address on the third day of the G2E Asian IR Summit in Macau on July 13, 2023.  In his speech, the PAGCOR chief expressed optimism that with the gaming regulatory reforms which the agency is undertaking, the Philippine gaming industry will be more responsive to the needs of the changing times while addressing the social ills that come with gaming operations.

The Philippine gaming industry started to bounce back as it gradually transitioned into the new normal.  Following its mandate to regulate and uphold the integrity of gaming operations in the Philippines, PAGCOR generated P58.96 billion in 2022, an impressive 66.16% year-on-year increase from its P35.48 billion total income in 2021.  Net income last year reached P4.45 billion, a 2,000% leap from P203.57 million recorded in 2021.

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This achievement enabled the agency to fulfill its other role as the government’s partner in generating revenues for socio-civic programs by increasing its contributions to nation-building from P22.91 billion in 2021 to P34.67 billion in 2022.

In view of PAGCOR’s dual role as operator and regulator, its operations have been the subject of scrutiny by key decision makers and major gaming industry players.

Thus, since its assumption a year ago, the new PAGCOR Board of Directors has started strengthening the agency’s regulatory function and has promoted the privatization of PAGCOR-run Casino Filipino facilities.  Such move will allow the corporation to grow and compete in both domestic and international markets through the infusion of new capital and advanced technologies which can facilitate expansions, upgrades and innovations.

“By focusing on its regulatory functions, PAGCOR will be able to avoid the complexities of running two different shows.  It can also streamline its processes and create more revenues that will fund more high impact government projects,” Tengco said.

Before PAGCOR gaming venues are privatized, however, they will be upgraded to add value to the properties.  Programs include the modernization of Information and Communication Technology and Cybersecurity infrastructure, including its Casino Management System and introduction of the Casino Filipino Online; upgrading of more than 3,000 electronic gaming machines (EGMs); and the updating of PAGCOR Technical Standards for EGMs.

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To combat the proliferation of illegal gambling in the country, PAGCOR continuously coordinates with various law enforcement agencies.  It has instituted reforms to address the Philippine Offshore Gaming Operations which have been recently associated with crime, money laundering and corruption.  It has canceled the contract entered by the previous Board with the third-party auditor for offshore gaming operations and has introduced new fees and imposed heavy fines and penalties to Licensees and Service Providers found to be engaged in criminal activities.  Furthermore, accreditations were suspended and canceled and Licensees were held responsible for the conduct of their Service Providers.

Despite these, gross gaming revenue of online gaming operations is projected to reach P24 billion by the end of this year, more than double last year’s P11 billion.

Tengco stated, “We shall undertake this painstaking process to weed out the unscrupulous companies and individuals using the PAGCOR license for illegal activities, tainting the name of the whole industry and most especially the Philippines.”

PAGCOR has likewise accredited Gaming System Service Providers for Traditional Bingo, Electronic Bingo, Electronic (eCasino) Games, Sports Betting and E-Billiards.  Its licensed casinos were recently allowed to use remote gaming platforms for their live casino games that cater to their registered casino players.

Currently, PAGCOR is studying the possibility of regulating other facets of the overseas gaming operations, or the possible regulation of a special class of Business Process Outsourcing.

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Through closed borders during the COVID-19 pandemic, PAGCOR has evolved and continues to adapt to the changing times by licensing new gaming options within its jurisdiction and properly regulating them.

“I know much still needs to be done, but I believe that we are on the right track towards making the Philippines a prime gaming destination in the ASEAN region,” Tengco concluded.

Asia

ProgressPlay takes new standalone product to Asia

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ProgressPlay, renowned as one of Europe’s Top 10 Casino Tech Solutions Providers in 2024, is set to make waves in the Asian iGaming sector with its groundbreaking standalone product. Making its debut at SIGMA Asia 2024 in Manila, ProgressPlay aims to captivate attendees with its innovative offerings showcased at stand BR917.

With ProgressPlay’s new standalone product, partners are able to market all markets.

SIGMA Asia, slated to run from June 3rd to 5th at Manila’s esteemed SMX Convention Centre, has already generated immense anticipation within the industry. With a diverse array of top-tier B2B and B2C exhibitors, including ProgressPlay, the event promises to be an unrivaled gaming hub, expected to attract over 20,000 delegates.

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The Asian iGaming industry is experiencing exponential growth, fueled by technological advancements and a surge in demand for online gaming experiences. With the widespread adoption of mobile devices and digital payment methods, coupled with the popularity of online gaming, the sector presents lucrative opportunities for gaming entrepreneurs seeking to establish their presence across the continent, starting with a standalone solution.

Marina Nahhas, Sales and Marketing Manager at ProgressPlay said: “We are super excited making our debut at SIGMA Asia with our latest products. Our standalone product has huge potential for local markets and the exhibition gives us an excellent opportunity to present it to a large number of potential new customers.”

ProgressPlay’s standalone licensee offering made its debut at ICE back in January, and in this arrangement ProgressPlay serves as the technology provider while partners take charge of all their own operations.

ProgressPlay’s platform has been meticulously developed over the years, boasting a team of top-notch professionals dedicated to serving regulated markets including the UK. The platform is fully equipped to meet all the diverse requirements, many of which are proprietary services developed in-house.

Notably, ProgressPlay’s platform boasts proprietary AI capabilities for safer gambling shortlisted in the EGR Awards, setting it apart in the industry. Moreover, the platform offers unparalleled flexibility, enabling operators to tailor their offerings to specific regions and regulatory requirements. Through a strategic joint venture with a reputable cashier, ProgressPlay facilitates seamless integration of various payment methods, catering to the diverse needs of its partners.

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ProgressPlay CEO Itai Loewenstein said:“The biggest advantage of the standalone platform is that it enables operators to have a much wider selection of countries and regulatory territories to choose from based on the licenses they hold and the built-in proprietary cashier that is easily adapted to the relevant markets and payment processors. An additional advantage for operators is the ability to create brands under the standalone platform, which is especially helpful in generating healthy ROI in Asian markets which we will be showcasing on stand BR917 at SiGMA Asia.”

The post ProgressPlay takes new standalone product to Asia appeared first on European Gaming Industry News.

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Fun88 India Launches ‘Fun88 X Evolution’ for Guaranteed Wins

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Fun88 India, a leading name in the online gaming industry, has announced the launch of its latest collaboration with Evolution Gaming. “Fun88 X Evolution”, this exciting venture aims to elevate the gaming experience for players, offering a chance at guaranteed wins and exclusive prizes.

I) Lightning 888: Spark Big Wins

Experience the excitement of Lightning Roulette and XXXtreme Lightning Roulette from Evolution Games. Players placing a minimum bet of 400 INR or more on numbers ‘8,’ ‘18,’ or ‘28,’ can win guaranteed prizes of up to 25x on the bet, in addition to regular wins. Get struck by lightning-fast & guaranteed rewards.

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II) Lucky Drop: Win Boosters

Win boosters with random cash prizes alongside regular wins in the beloved Crazy Time or Funky Time from Evolution games. With potential rewards reaching up to 100x on the bet, every bet holds the promise of a windfall. Place a minimum bet of 10 INR or more only and stand a chance to win this delightful surprise.

Fun88 app offers a seamless and convenient entertainment experience on Android or iOS devices. With 24/7 customer support and streamlined deposit and withdrawal processes, Fun88 ensures a hassle-free gaming experience for all users.

The post Fun88 India Launches ‘Fun88 X Evolution’ for Guaranteed Wins appeared first on European Gaming Industry News.

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Resorts World Sentosa Signs MoU for Sentosa Precinct Partnership

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Resorts World Sentosa (RWS) has signed a Memorandum of Understanding (MOU) with the Sentosa Development Corporation (SDC), DBS Bank (DBS) and Singapore Tourism Board (STB) for the development of a Sentosa Precinct Partnership, a multi-lateral partnership aiming to drive Sentosa’s tourism growth.

The announcement of the multilateral partnership comes after the soft opening of Sentosa Sensoryscape, a 350-metre-long connector featuring six sensory gardens with night experience that is directly linked to Ave8 at RWS.

The Memorandum of Understanding (MOU) has been signed during STB’s Tourism Industry Conference, with Minister Grace Fu, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, presiding over the event.

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The signatories included Michael Ma, Assistant Chief Executive (Business and Digital Technology Group) of SDC; Lee Shi Ruh, President of RWS; Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore) at DBS; and Kenneth Lim, Assistant Chief Executive (Marketing Group) at STB.

Also present at the signing were Thien Kwee Eng, SDC CEO, Tan Hee Teck, RWS CEO, Han Kwee Juan, Singapore Country Head of DBS Bank; and Melissa Ow, STB CEO.

RWS, which operates Southeast Asia’s first Universal Studios theme park, is located on the 500-hectare Sentosa island, which houses an array of themed attractions, spa retreats, and resorts. The resort will be hosting Asia’s premier of Harry Potter: Visions of Magic in the later half of 2024.

The post Resorts World Sentosa Signs MoU for Sentosa Precinct Partnership appeared first on European Gaming Industry News.

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