Upcoming Changes in Philippines Online Casino Laws
Philippines’ regulator Samuel D. Pagdilao has recently decided to present a bill that would affect individuals who already own or plan to start online gambling sites, including operators who purchase casino software. Pagdilao explained that he has already presented a bill that would see the development of a regulated market where companies that run their businesses outside the regulatory framework would be severely fined.
The lawmaker said that he is concerned about the fact that more and more minors are accessing gambling sites. In order to minimize the effects of underage gambling, Pagdilao introduced house bill 4540, in an effort to improve the current regulatory framework. Operators who buy casino software would be monitored more closely in order to comply with the upcoming regulation.
If the house bill 4540 passes, the new regulatory system would be very strict when it comes to underage gambling. Any online casino operator that accepts players under 18 years old would have to pay severe fines of up to PHP 10 million (up to $230,000) and could be imprisoned for a period of 5 to 10 years. More than that, any parent, guardian or any other person that induces minors to gamble would also have to pay fines of PHP 100,000, and could be sent to prison for up to 10 years.
Operators who want to buy casino software and open online casinos in the Philippines should know that the licensing regime in this country makes Philippines the only jurisdiction in Asia that licenses internet casinos. Entrepreneurs who are looking to start gambling businesses here can choose from operating online casinos, lottery, sports betting sites, bingo and others, but solely for offshore players.
BY CASINOWEBSCRIPTS PUBLISHED 29 July 2014