The casino industry in the Philippines has grown so much that it now accounts for much of the national revenue. After all, with more operators providing gaming services and more players joining in the fun, the market has been expanding at a fast rate. Most of this growth is due to the convenience of playing on any of the best online casino Philippines sites, where you barely need to leave your home. Moreover, players also get to enjoy a wide range of games, exclusive bonuses, and social interactions. However, besides market demand and low barriers of entry, this market growth also ties in with the Philippine Amusement and Gaming Corporation (PAGCOR). We look at how this institution has influenced gambling in the country.
The Role of PAGCOR
Countries that have fostered lucrative gambling industries also have efficient bodies governing their activities. This oversight not only protects players but also ensures that operators can access the resources they need to provide good services. In the Philippines, the governing body is the PAGCOR. This body ensures that gambling is profitable to the nation at large such that the revenue contributes to the national economy. These funds, in turn, propel the growth of other sectors, including tourism, while promoting employment in and out of the gambling sector. It manages to do this by investing in the following activities:
1. It Regulates Operators.
Before a gambling operator can present their services to the nation, they must pass several checks as PAGCOR sees fit. These include the following:
- Licensing. Permits are only available to companies that prove they have the resources to offer gaming to the nation. These resources include the financial capacity to pay earnings and eligible software to provide the games. Licenses are not permanent. Instead, they hinge on a company's ability to continuously provide efficient services without facing complaints of wrongdoing from their target market.
- Monitoring. Companies must abide by the gaming regulations, and PAGCOR has several measures to ensure that they do so. These include handling disputes raised by players, looking into the financial activities of gaming companies, and addressing any activities that raise flags. Where a company fails these checks, it can either get the chance to rectify its wrongs or lose its license.
- Fairness Checks. Players join online casinos, knowing that the operator offers games using random generation software. This software must meet the fairness standards and should not show signs of tampering. Additionally, operators must advertise the correct RTPs to ensure players understand the stakes of placing wagers.
By following up on these activities, this body is able to weed out the good operators from the rest. As such, players who join licensed sites can look forward to efficient processes
2. It Prohibits Illegal Gambling.
While gaming is a great pastime, it is not for everyone. It is up to PAGCOR to ensure that only eligible players can join online sites. So, how does it do this?
- Education. The body uses media channels and sensitization forums to educate the public about the ins and outs of gambling. Moreover, it delves into the age restrictions to ensure that only adults join these gaming platforms.
- Bans. Education is a great way to prevent children from playing. But if operators still offer their services to underage players, illegal gambling cannot stop. PAGCOR thus bans any operators that are found guilty of providing services to players who do not meet the minimum age requirements.
This body also bans companies that have not met the licensing requirements or those found guilty of illegal activities.
3. It Addresses Social Concerns.
Many people who access online casinos understand the risks of gambling. But not everybody does. As such, some people may face challenging financial or social situations. PAGCOR educates people on the need to play responsibly and directs players to resources they can use if they need help. Along this line, it works with operators to ensure their advertising techniques also touch on the risks involved in playing games to ensure players understand what they are doing.
4. It Vets New Technologies.
Online gaming is subject to new technologies, including augmented reality and virtual currencies. It's up to PAGCOR to review the latest technologies and determine which ones are not only safe but also beneficial to players and operators. In recent years, it has been working with various government bodies to assess the impact of these new trends as it integrates them into licensed gaming operators.
More recently, PAGCOR has focused its efforts on combatting illegal activities that use online gambling as a front. In a recent statement, PAGCOR Chairman and CEO Alejandro Tengco announced that the body would be doubling its efforts to ensure that the Philippines gets removed from the global anti-money laundering grey list. With the body's new President and COO Atty Wilma Eisma leading these efforts, Tengco is confident in weeding out the illegal operators in the gambling industry - this will spell good news for all reputable operators and players who will now have the chance to enjoy better returns from this lucrative industry.