Global online gaming company 188BET announced it is moving back its operations to the Philippines.
In an email to players sent out last week, the company said it is undergoing changes and is relocating to a new licensing jurisdiction.
Currently, the sports betting and casino behemoth is operated by Cube Limited and is licensed by the Isle of Man Gambling Supervision Commission (IoMGSC).
The notice said Cube Limited would surrender its IoMGSC license on March 19.
It added that the business of 188BET will be operated by a new Philippine-based company, BestCommerce Corporation, which is licensed and regulated by the Philippine Amusement and Gaming Corporation (PAGCOR).
The company said players who are not 21 years of age, the minimum age under PAGCOR regulations, or who do not wish to play under the new license can choose to have their accounts closed and any funds returned.
188BET was one of the first Asian bookmakers to set up its corporate headquarters on the British island after receiving its Isle of Man license in 2007.
It first held office in Makati, a central business district in the Philippines but it moved out of the country during the administration of former President Rodrigo Duterte.
Philippines encourages new investors; records strong 2023 results
This development comes after a week PAGCOR Chairman Alejandro Tengco encouraged investors to come to the Philippines.
Last week, PAGCOR also revealed that the revenue of the country’s iGaming sector nearly doubled in 2023.
Tengco attributed the growth to policy reforms undertaken by the agency.
The agency said the iGaming sector – which includes e-games, e-bingo, specialty games, and sports betting – contributed Php58.16 billion (€967.69 million) to the country’s gross gaming revenues (GGR) in 2023.
Moreover, PAGCOR reached another milestone in the past year with more than 1,000 licensed iGaming sites – with more applications in the pipeline.
SiGMA Eurasia and SiGMA Africa – less than a month away
With less than a month until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.
The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City. Held between the 25 and 27 February 2024, the summit provides invaluable opportunities for attendees to network with industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets.
