In an ambitious stride toward dominating Asia’s casino industry, the Philippines is eyeing the position of the continent’s second-largest gambling hub, aiming to outshine Singapore with its expanding portfolio of integrated resorts and a burgeoning online gambling sector. As the Philippine Amusement and Gaming Corp (Pagcor) spearheads these initiatives, the nation anticipates a surge in both domestic and international tourism, propelled by significant investments in the casino and entertainment sectors.
A New Era of Gaming in the Philippines
Alejandro Tengco, Chairman and CEO of Pagcor, has confidently asserted the Philippines’ potential to eclipse Singapore in the gambling industry, citing a strategic focus on integrated resort developments and online gaming innovation. In a detailed conversation with Bloomberg, Tengco emphasized the stagnation risk Singapore faces if it ceases to expand its gambling facilities. “If Singapore doesn’t expand, they will plateau. Don’t be surprised if next year we will surpass them,” he stated, highlighting the dynamic growth trajectory the Philippines is on.
The forthcoming opening of a flagship integrated resort by Bloombery Resorts Corp, owned by billionaire Enrique Razon, marks the beginning of this ambitious expansion. This project is just the tip of the iceberg, with up to eight additional casino ventures in the pipeline for Manila, Clark, Cebu, and Boracay, each showcasing the country’s commitment to becoming a premier gaming and entertainment destination.
Record-Breaking Revenue Projections
The optimism surrounding the Philippines’ casino sector is backed by impressive financial forecasts. Pagcor anticipates a record-breaking gross gaming revenue of 336 billion pesos ($6.1 billion) this year, an increase from the previous year’s 285 billion pesos. This projection not only underscores the industry’s recovery post-Covid but also its readiness to compete on the global stage. Singapore’s annual gross gaming revenue, in comparison, is estimated by Tengco to hover around $6 billion, setting the stage for a close competition.
Boosting Tourism through Casino Entertainment
A significant driver behind the Philippines’ casino expansion is the potential for increased tourist arrivals. The country aims to attract 7.7 million foreign tourists this year, an effort to bounce back from the dip in numbers caused by the pandemic. Despite a decrease in Chinese tourists due to ongoing geopolitical tensions, Tengco remains optimistic about attracting high rollers from across the globe, especially from China, to the country’s casinos.
The Rise of Online Gaming
Pagcor is not only focusing on physical casino infrastructure but also on harnessing the potential of online gambling. With plans to launch its own online gaming website and seeking a joint venture partner for its operation, the Philippines is poised to offer a comprehensive gambling experience that includes both traditional and digital platforms. This dual approach could give the Philippines a competitive edge over Macau, as Tengco pointed out, “Our advantage over Macau is they don’t have online gaming.”
Privatization and Regulation: The Future of Pagcor
Looking ahead, Pagcor is preparing for a significant transformation. The agency plans to privatize its casino assets by late next year or early 2026, transitioning from a casino operator to a purely regulatory body. This strategic shift aims to attract more investors and solidify the Philippines’ position in the global gaming industry. With expected proceeds ranging from 60 billion to 80 billion pesos from the sale of its casino assets, the future looks promising for the Philippines as it bets big on becoming Asia’s next top casino destination.
New Zealand is setting the stage for a significant overhaul in its approach to online gambling, a move that could potentially reshape the landscape of internet-based betting within the nation. With plans to introduce a new regulatory regime that encompasses both local and offshore operators, the government aims to secure a more substantial tax revenue stream while addressing the current regulatory gaps in the online gambling sector. This shift comes amid varying revenue forecasts by the country’s Inland Revenue Department (IRD) and the National Party, highlighting the challenges and opportunities within the evolving digital gambling domain.
The Current State of Gambling in New Zealand
In New Zealand, gambling enthusiasts have access to a wide array of betting activities, ranging from pokies and lotteries to instant games and prize competitions. Despite the legal avenues available, the absence of a license requirement for certain gambling activities has led to a loss of potential tax revenue for the government. This gap in the regulatory framework has prompted lawmakers to advocate for reforms aimed at capturing this untapped financial resource.
Projected Tax Revenue: IRD vs. National Party Estimates
The debate over the expected tax revenue from the proposed regulatory changes has brought forth differing perspectives from the IRD and the National Party. The IRD’s estimates suggest that imposing a 12% tax on gross betting revenue could yield NZ$35 million ($21.6 million) annually, with a projected growth rate of 5% per year. This would result in a total of NZ$155 million ($95.6 million) over four years. In contrast, the National Party’s more optimistic forecast anticipates an annual revenue of NZ$176 million ($108.5 million), culminating in NZ$716 million ($441.6 million) over the same period.
The New Regulatory Landscape: Bridging the Revenue Gap
The forthcoming regulatory changes aim to address the discrepancies in revenue forecasts and establish a more robust taxation framework for online gambling. Finance Minister Nicola Willis has expressed support for the initiative, emphasizing the need for regulation in what she describes as the “Wild West” of online gambling. The government’s conservative estimate of NZ$193 million ($119 million) from the new tax levy reflects a cautious approach to forecasting the potential financial benefits of the regulatory overhaul.
Legislative Changes and International Partnerships
As part of the regulatory reform, the government is considering various implementation strategies, including harmonizing the rules for offshore online gambling with those for domestic casinos and pokies. Additionally, the recent sponsorship agreement between Ladbrokes and the UFC for New Zealand and Australia underscores the growing international interest in the region’s gambling market.
Regulatory Frameworks and Enhancing Revenue Collection
The introduction of a new regulatory regime for online gambling in New Zealand represents a significant step towards modernizing the country’s approach to internet betting. By closing existing tax loopholes and establishing a more equitable taxation system, the government aims to ensure that both local and offshore operators contribute their fair share to the national economy. As these legislative changes unfold, the potential for increased tax revenue offers a promising avenue for supporting public services and fostering a responsible gambling environment.
Rhode Island has made significant strides in the gaming industry by legalizing iGaming, following the enactment of Senate Bill 948. This pivotal legislation paved the way for the official launch of online gaming operations, with Bally’s Corporation at the forefront. The introduction of iGaming is seen as a strategic move to keep Rhode Island competitive in the ever-evolving gaming market. This development expands the gaming landscape and aligns Rhode Island with states like New Jersey, Delaware, and Pennsylvania, where iGaming has already taken root.
Exclusive Rights: Bally’s Dominance in Rhode Island’s Online Gaming
In a strategic legislative move, Rhode Island has granted exclusive iGaming rights to Bally’s Corporation, thereby extending its monopoly from the physical to the digital gaming arena. This exclusivity stems from a 2021 law that awarded Bally’s a 20-year contract to operate the state’s land-based casinos and now, to spearhead its online gaming ventures. Bally’s, in partnership with IGT, will manage the Twin Rivers Lincoln Casino Resort and Tiverton Casino & Hotel, alongside their new online operations, reinforcing their dominant position in Rhode Island’s gaming sector.
Financial Implications: Taxation and Revenue Expectations
The launch of iGaming in Rhode Island is anticipated to profoundly impact the state’s economic landscape, particularly in gaming revenue and taxation. With a taxation framework setting a 50% tax on online slot revenues and an 18% tax on table games, the state expects a significant financial boost. Bally’s, operating under brands like Virgin Casino and Tropicana Casino, is poised to contribute to the state’s fiscal health through this new venture. This move comes at a time when Rhode Island seeks to reverse the downtrend in gaming revenues, aiming for a financial resurgence similar to Bally’s own revenue growth in the previous year.
Regulatory Framework: Safeguarding Integrity in iGaming
The Rhode Island Division of Lottery is expanding its regulatory purview to include the new iGaming operations, ensuring a fair and controlled gaming environment. The division is tasked with enforcing the gaming law, adjusting regulations as necessary, and implementing geo-location technology to verify players’ locations, maintaining the integrity of online gaming. The regulatory body’s ability to enter into reciprocal agreements with other states could further expand the scope of iGaming, potentially opening new markets and opportunities for cross-state gaming activities.
Rhode Island’s venture into iGaming, led by Bally’s Corporation, is an important move. The initiative not only broadens residents’ gaming options but also sets the stage for potential economic growth through increased gaming revenues and taxes. With stringent regulatory measures in place, Rhode Island is poised to navigate the complexities of the online gaming world, ensuring a secure and thriving environment for players and stakeholders alike.
Light & Wonder, a prominent gaming supplier, has initiated its venture into the Argentine market through a strategic partnership with Betsson Group. This collaboration has enabled Light & Wonder to launch its portfolio in Argentina, marking a significant milestone.
Players in the Province of Buenos Aires can now enjoy acclaimed first-party games like 88 Fortunes on Betsson’s platform, betsson.bet.ar. The alliance with Betsson is not just about market expansion; it aims to enhance the gaming experience for Argentine players, promising a blend of entertainment and quality gaming content.
Strategic Partnerships and Market Growth
The launch in Argentina is part of a broader strategy, following an extended agreement between Light & Wonder and Betsson to bring the supplier’s content to new regulated markets globally. Tatiana García Barrenechea, Light & Wonder’s Commercial Director for LATAM, highlighted the importance of this launch as a key step in their growing relationship, emphasizing the commitment to providing engaging content for the Argentine audience.
Betsson’s Head of Supplier Relations, Laura Peretta, praised Light & Wonder’s reliability and expressed enthusiasm for the partnership’s potential to deliver exceptional gaming experiences in Argentina.
Betsson’s Italian Market Breakthrough
Parallel to its Argentine expansion, Betsson has also ventured into the Italian market, reinforcing its global presence. The launch of Betsson.it signifies a strategic move to solidify Betsson’s brand in Italy, where it operates alongside StarCasino.
Betsson.it aims to offer a comprehensive gaming experience, including sports betting, slots, table games, and live casino offerings, catering to a diverse Italian audience. Ronni Hartvig, Betsson’s CCO, underscored the strategic importance of Italy in Betsson’s growth plan and the goal to become a leading sports betting operator in the country.
Future Prospects and Global Expansion
Betsson’s recent activities, including the partnerships with Light & Wonder and Relax Gaming, underscore its ambition for global expansion and diversification. The company’s financial success, highlighted by a significant revenue increase in the last quarter, reflects the strategic impact of these partnerships and market expansions.
With a focus on delivering quality and engaging content, both Betsson and Light & Wonder are set to enhance their offerings, promising exciting developments for players in Argentina, Italy, and beyond.
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The EU’s decision to set up the new Anti-Money Laundering Authority in Frankfurt is a smart move. It shows they’re serious about fighting money laundering and they’re using Frankfurt’s strong financial background to help do that.
Establishment of the European Anti-Money Laundering Authority (AMLA)
The European Gaming and Betting Association (EGBA) has expressed its support for the recent decision to establish the European Anti-Money Laundering Authority (AMLA) in Frankfurt. This development is a key part of the ongoing reform of the EU’s anti-money laundering framework. AMLA, set to start operations in mid-2025 with over 400 staff, will enhance the supervision of major EU financial institutions and play a significant role in standardizing anti-money laundering measures across the EU.
AMLA’s Role and Impact on the Financial Sector
AMLA will be equipped with both direct and indirect supervisory powers, greatly influencing the European Union’s largest financial entities. It will be responsible for intervening in cross-border cases and providing extensive guidance to harmonize AML rules. One of its key initiatives includes creating a uniform template for Suspicious Transaction Reports (STRs), which is expected to benefit various sectors, particularly gambling, by standardizing reporting formats across EU countries.
EGBA’s Response and Industry-Specific Guidelines
As the EU finalizes its new AML legislative package, EGBA has taken proactive steps by developing industry-specific guidelines to assist online gambling operators in complying with EU AML rules. These guidelines, formulated in collaboration with EGBA members, offer a risk-based approach and provide practical guidance in areas like risk assessments, customer due diligence, and transaction reporting. This initiative is designed to help operators align with the upcoming EU AML Regulation effectively.
Future Collaborations and the Role of EGBA
EGBA looks forward to working with AMLA, especially in representing the gambling sector in EU-level AML discussions. The association emphasizes the significance of Frankfurt’s selection as AMLA’s headquarters, given its status as a central European financial hub. EGBA also plans to maintain transparency and accountability through regular discussions and annual progress reports by its members, encouraging other operators to adopt these practices.
About EGBA
The European Gaming and Betting Association, headquartered in Brussels, represents leading online gambling operators in the EU. Its members, which include prominent companies like bet365, Betsson Group, and Entain, collectively hold 267 online gambling licenses and serve over 31 million customers in 22 European countries. EGBA strives for a well-regulated online gambling market that prioritizes consumer protection and acknowledges the dynamics of the internet and consumer demands.