The Philippines’ regulator has lifted the suspension order on Jade SportsBet’s operations, according to a letter issued .
Philippines-based Jade Entertainment and Gaming Technologies Inc, founded by gaming entrepreneur Joe Pisano, created Jade SportsBet. Pisano told on Tuesday, “Jade SportsBet has been given the go-ahead for reactivation.”
As of Wednesday morning, the site, when accessed from the Philippines, still displayed an advisory notice indicating the system was under maintenance and that “player transaction” activity was “currently unavailable.”
The electronic gaming licensing department of the Philippine Amusement and Gaming Corp (PAGCOR) stated in Tuesday’s letter, “Jade [Technologies] has fully settled its outstanding cash bond as a service provider for the sports betting system of its online gaming platform.” The communication followed a notice sent to Jade Gaming on May 21 regarding the suspension of Jade SportsBet operations in the Philippines.
On May 24, Pisano confirmed that Jade Gaming had been due to pay a cash bond balance of PHP10 million to PAGCOR by May 19 but had missed the deadline. At the time, Pisano expected the payment to be made within seven days.
PAGCOR’s Tuesday letter indicated that “Jade is now compliant” with the performance cash deposit requirement under the “Regulatory Framework for the Accreditation of Service Providers and Processing of System-related Requests.” The letter added, “Accordingly, please be informed that the suspension of operations of Jade SportsBet is hereby lifted effective immediately.”