Officials from numerous state agencies in the Philippines are said to be conducting an intensive crackdown on online gaming firms that operate without a valid license. So far, they have raided over 170 enterprises.
Operation Follows a Mutual Cooperation Deals
The exposure came through a statement from the Chairman and Chief Executive Officer for the Philippine Amusement and Gaming Corporation (PAGCor). This also follows the signing of the mutual cooperation agreements between the regulator and numerous law administration bodies that include the Philippine National Police, the National Bureau of Investigation and Bureau of Immigration.
Illegal iGaming Operations – Fines and Deportation Penalties
Domingo specified that iGaming companies found guilty of violating the regulator’s Offshore Gaming Regulatory Manual by working without a genuine Philippine Online Gaming Operation (POGO) license could be seriously fined.
“Word of guidance, so legalise your business or face terrible consequences.” – said Domingo’s
Domingo declared that is furthermore engaged in checking the 53 current holders of POGO licenses through its Compliance Monitoring and Enforcement Department. This is to ensure that firms are following all local and national laws and also contributing the correct amount of tax.
All legitimate iGaming companies are charged a $200,000 licensing fee together with processing duties worth $15,000. In addition, these firms are also required to establish a cash fund that contains at least $250,000 to be used to honour any unresolved prizes.
Possible rise in license applications
PAGCor Special Assistant, Jose Tria said that the institution of the monitoring system will also help the regulator increase the number of POGO applications.
The new initiative supposedly allow POGO to bring in a projected $55.3 million in new incomes next year.