The Philippine Amusement and Gaming Corporation (PAGCOR) has announced the introduction of a separate license for “Sportsbetting on Regulated Wagering Events”. This type of license can only be issued to “offshore gambling operators that accept and / or assist in accepting bets on regulated game events, including horse races and dog races”.
The new license also entitles third parties to carry out audio and video broadcast of regulated game events in real time, subject to the consent of the event organizer. Failure to comply with the latter requirements is fraught with the withdrawal of the license within 72 hours.
When applying for an offshore license, a company must prove compliance with the tax regime of its jurisdiction. In addition to regular licensing fees, offshore licensees must pay 1.5% of their gross profit each month to PAGCOR.