Online gambling platform 188BET has announced that it is transitioning its operations from the Isle of Man to the Philippines. The regulatory jurisdiction transition is set to commence on March 19, 2024.
The announcement, conveyed via email to players, revealed that Cube Limited, the Isle of Man-based operator of 188BET, will formally relinquish its Isle of Man Gambling Supervision Commission (IoMGSC) license.
In its place, BestCommerce Corporation, based in the Philippines, will assume control, overseeing the operations of 188BET under a new license issued by the Philippine Amusement and Gaming Corp (PAGCOR).
Players under 21 years of age, the minimum age under PAGCOR regulations, or those who prefer not to engage under the new licensing jurisdiction are being offered the option to close their accounts, ensuring the return of any remaining funds.
188BET launched in 2007 as one of the pioneering Asian bookmakers to set its corporate roots in the Isle of Man. It first held office in Makati, a central business district in the Philippines, but it moved out of the country during the administration of former President Rodrigo Duterte.
188BET’s return to the Philippines comes after PAGCOR Chairman Alejandro Tengco encouraged investors to come to the country. Additionally, PAGCOR unveiled earlier this month that the revenue of the country’s iGaming sector nearly doubled in 2023, which was attributed to policy reforms undertaken by the agency.
The iGaming sector – including e-games, e-bingo, specialty games, and sports betting – contributed Php58.16 billion ($1 billion) to the country’s gross gaming revenues (GGR) over the past year.
Original article: https://www.yogonet.com/international/noticias/2024/02/21/70913-188bet-to-relocate-operations-from-isle-of-man-to-the-philippines
