Eternity Law International News Regulation of online gambling in the Philippines

Regulation of online gambling in the Philippines

March 3, 2023

Regulator monitoring online-casinos in every possible way encourages development and implementation of mechanisms to ensure a high level of customer protection and measures to prevent fraudulent activities; it’s taken quite seriously. Companies intending to get a Philippine gambling license are carefully checked. Gamble companies must hold an account covering all user balances. Philippine licenses are very valuable and are only issued to firms with an undeniable reputation.

Anti-Money Laundering, Unusual Transactions, Anti-Terrorist Financing and Know Your Customer mechanisms apply to all online-casinos in this jurisdiction. PAGCOR monitors gamble companies and services to make sure they operate in accordance with local norms and regulations. Accordance with permission terms is constantly monitored.

Companies possessing online gambling license Philippines are required to maintain a clear audit trail for every user who makes a deposit with the operator, including financial transactions and individual stakes. Game systems must be publicly available to third party auditors. The rules, the results of the game and the withdrawal of money must be accessible to regulator for 5 years.

Launch commercials getting gaming license in Philippines

Opening online-casinos, businesspersons should register and obtain gambling license in Philippines.

  1. Advantage of state is its closeness to Asian-states and great level of progress, so it is beneficial for investors to gain admission to the Asian casino-market.
  2. Facilities pay a 1.5% tax on gross gamble revenues, money paid every month. Companies with licenses may qualify for 5%-tax on gross incomes rather than local tax payments.
  3. This jurisdiction has a stable political situation, excellent telecommunications and a well-developed financial segment. Such permission is recognized by plenty of spaces in world, so you can get a lot of clients with it.
  4. Getting betting license in Philippines requires filing documents with regulatory division, and waiting for approval or requesting additional data. Jurisdiction gives a single gamble permit covering operations, casino-providers, white-label operators and soft.

Establishments with Philippines online gaming license may function legally. All candidates must pass a standard assessment, as regulator only grants permissions with guarantee of financial stability and a clean reputation. If something in the company’s activities doesn’t meet state norms, the regulator requests documents and indicates what to improve. As a result, having received permission from Philippines, enterprises may act worldwide. Philippines gaming license cost grounds on several important factors, particularly, products list firms intend to provide, etc.

How to get Philippines gaming license: requirements 

  1. Firms who wish for Philippines gaming license obtaining and spreading services locally should be resident and obtain all necessary approvals from the regulator. If the firm is foreign, a local director who lives in the jurisdiction should be hired so that he/she can interact with the regulator and have the right to sign contracts.
  2. Account at a local bank. The operator will deposit user funds there. Certified operators can accept payments through Philippine-approved systems.
  3. Authorized capital meeting the requirements.
  4. Monthly declaration to regulative body with clear information on gamble revenue and fees.
  5. Work only with adults, as well as control of places where advertising of the establishment is offered.

Our specialists are ready to give you qualified assistance in obtaining a gambling license in Philippines. We’re highly-qualified Philippines gaming-license law firm having great expertise and professional knowledge.

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