The online gaming company 188BET has announced its decision to relocate its operations back to the Philippines. In a recent email sent to players, the company stated that it is undergoing changes and is shifting to a new licensing jurisdiction.
Currently, 188BET, a major player in sports betting and casino operations, is managed by Cube Limited and holds a license from the Isle of Man Gambling Supervision Commission (IoMGSC). According to the announcement, Cube Limited will relinquish its IoMGSC license on March 19th. The company informed that the operations of 188BET will be overseen by a new Philippine-based entity called BestCommerce Corporation, which is licensed and regulated by the Philippine Amusement and Gaming Corporation (PAGCOR).
Notably, players who do not meet the minimum age requirement of 21 under PAGCOR regulations, or who prefer not to continue under the new license, have the option to close their accounts and receive any remaining funds. 188BET, originally headquartered in the Philippines’ Makati central business district, initially moved its operations to the Isle of Man after obtaining its license in 2007. However, it later relocated out of the country during the administration of former President Rodrigo Duterte.
We would like to assure 188BET and other potential investors that PAGCOR shall continue to be fair to everybody, and that there will be a level playing field with a predictable and dependable regulatory framework
Alejandro Tengco, PAGCOR Chairman
This decision coincides with PAGCOR Chairman Alejandro Tengco’s recent encouragement for investors to consider the Philippines. Additionally, PAGCOR disclosed that the revenue generated by the country’s iGaming sector nearly doubled in 2023, crediting policy reforms for the growth.
The sector, encompassing e-games, e-bingo, specialty games, and sports betting, contributed Php58.16 billion (€967.69 million) to the country’s gross gaming revenues (GGR) in 2023. Furthermore, PAGCOR achieved a significant milestone with over 1,000 licensed iGaming sites in the past year, with more applications awaiting approval.
188Bet is a known and trusted brand in online gaming. Having more operators means more offering to players and competition always brings about better options to players. Having European operators also gives confidence in doing online gaming business in the Philippines wherein everyone benefits as a result.
