PAGCOR’s Strategy: Reducing Online Casino Taxes to Combat Illicit Gambling

In the relentless battle against illegal gambling, the Philippine Amusement and Gaming Corp (PAGCOR) is unveiling a strategic shift aimed at reducing the government’s share in casino revenues. With the chairman and CEO, Alejandro Tengco, at the helm, PAGCOR plans to trim the government’s take from the current 42.5% to 37.5% by March, with a long-term goal of achieving a 30% to 32% share by the following year. This bold move is driven by the need to enhance competitiveness in the industry and combat the surge in illicit gambling activities, which the regulator estimates to cause monthly losses of approximately PHP1 billion (US$17.8 million) to unlicensed online casinos.

Aiming for Competitiveness and Curbing Illicit Gambling

In an interview with The Inquirer, Tengco articulated that the primary objective behind these changes is to bolster competitiveness and quell the proliferation of illegal gambling. Notably, since PAGCOR reduced its revenue share from online casinos to 42.5%, there has been a noticeable decrease in sector closures. Tengco also voiced his belief in the necessity of lifting the ban on online cockfighting (esabong) and subjecting it to proper regulation.

Optimistic Revenue Projections

Tengco’s forward-looking perspective extends beyond these strategic alterations. He anticipates that the Philippine gross gaming revenue (GGR), encompassing non-casino operations, will reach PHP336.38 billion in 2024. Within this projection, e-gaming is expected to make a significant contribution of PHP61.75 billion this year. Notably, PAGCOR is gearing up to introduce its own online casino, casinofilipino.com, in the latter half of this year, further cementing its position in the dynamic gambling landscape.

As PAGCOR takes decisive steps to reshape the industry’s dynamics, it aims to strike a balance between revenue generation and fostering a competitive and well-regulated gambling ecosystem in the Philippines.

The post PAGCOR’s Strategy: Reducing Online Casino Taxes to Combat Illicit Gambling appeared first on Gamingo News.

In the relentless battle against illegal gambling, the Philippine Amusement and Gaming Corp (PAGCOR) is unveiling a strategic shift aimed at reducing the government’s share in casino revenues. With the chairman and CEO, Alejandro Tengco, at the helm, PAGCOR plans to trim the government’s take from the current 42.5% to 37.5% by March, with a
The post PAGCOR’s Strategy: Reducing Online Casino Taxes to Combat Illicit Gambling appeared first on Gamingo News.