The Philippine Amusement and Gaming Corp. (PAGCOR), which is in charge of regulating gaming in the country, has tightened the rules on online gaming to keep the highest level of honesty.
In a memo from July 10, PAGCOR said that its board had accepted the new rules that will be used to give out licenses for online gambling and run the company.
The stricter rules call for higher capital requirements and a rule that says all current operators and service providers of online gaming will have to reapply for new licenses starting July 17, 2023.
All license renewals will depend on how well the license holder keeps following all the rules and regulations and other laws that apply.
There is also a catch-all rule that says licensees can’t do anything other than gambling at running sites or do anything that puts PAGCOR’s reputation at risk.
PAGCOR’s new rules for getting an internet gaming license say, among other things, that a licensee must have at least P100 million in approved capital, of which P25 million must be paid up.
This is more than what was needed before, which was only P15 million, of which P3 million had already been paid.
The licenses are only good for two years and can only be used in one place. This means that licenses issued to people who don’t live at the exact address listed are not legal.
Each working site can have a floor space of no more than 25,000 square meters.
The new rules also defined the internet gaming license as a business-to-consumer license that lets the operator offer or run online gaming goods.
Only streaming e-casino games, games with a random number generator (RNG), and online sports betting are allowed.
A minimum assured fee of $100,000 per month is set for each licensee.
On the other hand, the new rules say that a gaming content/support provider is a business that is authorized to provide PAGCOR members with online gaming content or support services.
A gaming content provider provides or manages the content of authorized games from live studios or live gaming venues over the internet. A support provider offers customer service, marketing, customer registration, payment solutions, office leasing, and other support services.
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