PAGCOR Says New Audit System Might Double Revenues for POGO

Andrea Domingo, the chairperson at the Pagcor or Philippine Amusement and Gaming Corporation, recently expressed her views on the launch of the new audit platform saying that she believes the annual gaming revenues generated via the offshore online gaming operators in the region will essentially double in its wake.

 

In her keynote speech that she gave at the ASEAN Gaming Summit recently, Domingo stated that according to statistics, the Pagcor generated a whopping PHP3.9 billion or $74.8 million in revenues from the POGOs or the Philippine Offshore Gaming Operators licensees. She further added that the massive revenues of the POGOs could be attributed to the low expenses of operating the online licenses that, in turn, contributed to greater profits.

 

Domingo stated that the Opex is negligible as compared to the revenues and that once the service provider is able to complete their audit work, they will be able to achieve double the current figures of income from their offshore licenses. Also, the service providers for the audit would not receive their compensation until they ensure that the incomes are increased above a basic stipulated level.

 

Last year, the Pagcor had put forth a contract that called out for tender submissions for a new and improved audit system for the purpose of monitoring the incomes that are generated by the online casino operators in the country. The contract was met with a widespread negative response, with many individuals criticizing the handling of the contract as well as the unrealistic onerous clauses included in it that they were not really comfortable with.

 

Last year, President Rodrigo Duterte took up the case of online gambling becoming a major problem for the citizens of the country and even came out with the threat of putting a complete ban on it. That being said, following the president’s unfavorable stance with respect to online gambling, the PAGCOR started to give out licenses for Philippine Offshore Gaming operators in the country.

 

Describing the new audit system, Domingo remarked that it will be fortified with three layers of discrete auditing procedures. The idea for the additional audit security stems from the fact that even before the Pagcor assumed office and introduced the new POGO, Philippines was already regarded as a country that promotes illegal offshore gambling within its borders. The new audit system is essentially a way of correcting this misconception.