Manila, Philippines – Aโข crackdown on online gaming payments in the Philippines, intended toโ curb illegal gambling, has inadvertently pushed players towards unregulated and frequently enough offshore sites, according to Philippine Amusement andโ Gaming Corporation (PAGCOR) Chairman โคAlejandro โTengco. The move, stemming from a โคdirective by the philippine Central Bank (BSP), has seen a 50% decrease in onlineโ gaming transactions.
Payment Restrictions Drive Playersโ to Illegal Sites
Tengcoโค recently informed lawmakers that online game transactions inโ the โPhilippines have โฃdecreased by approximatelyโ 50%, a โฃdirect result of banksโค and e-wallets severing ties with โgambling-relatedโ activities, as โฃmandated by โthe BSP. however,Tengco acknowledged the unintended consequence: a โsurge in users seeking out unprotected platforms. โฃ Approximately 60% of operators now targeting Filipino players are operating illegally, with โขmanyโ based in โฃRussia, Dubai, Abu Dhabi, and Cambodia.
PAGCOR is currently tracking around 12,000 illegal gambling websites, โa stark contrast to the 77โ licensed platforms operating within the country. โขTengco warned that these illegal operators enticeโค users with larger bonuses โand aggressive promotional offers not permitted under PAGCOR’s regulations. These unregulated sitesโ pose significant risks toโ players, lacking the safeguards andโ responsible gaming measures of licensedโ operators.
To bolster responsible gaming practices on licensed platforms, PAGCOR โคis considering implementing new safety measures, โฃincluding โminimum deposit and betting โrequirements. However, Tengco stressed that PAGCOR cannot address the issue alone. “Without strong enforcement measures,illegal โขoperators will continue to thrive despite the โขrestrictions on the legal platform.” he stated.