Philippines Online Gambling News
The first two quarters of the year have not been great for the Philippine gambling market. In fact, revenue has fallen past the 95% line.
The Philippines’ anti-money laundering body is going to study the economic impact of halting online gambling. Benjamin Diokno, the governor of Bangko Sentral ng Pilipinas (BSP), has ordered the agency and the central bank’s financial stability team to “put some sense to this online gambling.” “What if all of a sudden they decide to. The first two quarters of the year have not been great for the Philippine gambling market. In fact, revenue has fallen past the 95% line. Of the amount collected, the online gambling operations contributed nothing. According to the Philippine Amusement and Gaming Corporation (PAGCOR), total gross gambling revenue of just P2.4b (US$49.9m) is reported, which.
Of the amount collected, the online gambling operations contributed nothing. According to the Philippine Amusement and Gaming Corporation (PAGCOR), total gross gambling revenue of just P2.4b (US$49.9m) is reported, which is down 95.4% in Q2 from Q1’s P52.9b.
Philippines Online Gambling News
PAGCOR’s new revamped reporting system yields more insight into locally-licensed operations. Philippine Offshore Gaming Operators (POGOs), for example, are now in one of the remaining categories. The figures for Q1 have been recalculated.
We know that POGOs had closed up shup as the pandemic began to surge in March. It severely limited land-based gambling.
Some sites resumed business in late June, but no numbers have been noted in the new category.
Other discrepancies between PAGCOR’s original Q1 report and the updated version are causing skepticism over the numbers from junket operators at its own Casino Filipino operations as well as the privately-run PAGCOR-licensed casinos in Manila’s Entertainment City gaming zone.
The Entertainment City casinos reported junket-based VIP gambling revenue of P10.1b in the first Q1 report. Then in the revised report, we find a figure just under P1.7b. Who knows what is correct? And why the revamping in the first place?
It followed a public gaffe by accountants. Allegedly they double counted by mistake the Casino Filipino revenue figures the first time around.
Philippines Online Gambling News Today
If we are to believe it, the report indicates that PAGCOR Operated gaming revenue fell from P12.9b in Q1 to just P126.4m in Q2. In addition, we now know that the Entertainment City venues tanked from P33.9b to less than P2b, while the casinos in the Clark freeport slid from P3.9b to P186m.
According to the Philippines’ Bureau of Internal Revenue, just 29 of the 55 licensed POGOs to resume operations have been cleared. Not many may follow given the franchise tax increase, which now means 5% of revenue to 5% of turnover.
The new tax has been put in place to raise P17.5b for government coffers; but there may be no taxes to levy.
Source:https://calvinayre.com/2020/09/20/business/philippine-online-gambling-sites-pagcor-q2/