Category Archives: PhilWeb

PhilWeb halts buying and selling as shares plunge right after Duterte “stop on the web gambling” vow


July four, 2016

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philweb-pagcor-egames-online-gamblingConfusion proceeds to reign more than the Philippines gaming market right after the country’s new president warned that “online gambling must end.”

On Friday, Andrea Domingo, the new chairperson of the Philippine Amusement and Gaming Corp (PAGCOR), gave a regional radio interview in which she announced that PAGCOR would halt the issuance of any new eGaming licenses until it decides what exactly President Rodrigo Duterte intended by “online” gambling.

PAGCOR problems ‘eGaming’ permits to online cafés and eBingo parlors managed by organizations like PhilWeb and Leisure & Resorts Planet Corporation (LRWC). These outlets offer Philippine nationals the ability to use pc terminals presenting on the web card and table online games, movie poker, slots and lottery online games. Considering the fact that 2010, these on the web possibilities have been through a sizeable spike, with the overall selection of eGaming devices in operation soaring from two,one hundred sixty to 12,000.

PAGCOR’s announcement contributed to PhilWeb’s shares shedding 22% of their value on Friday. LRWC’s shares took a lesser strike, slipping approximately nine%. PhilWeb operates 268 PAGCOR-accredited eGames cafés, which comprise a overall of eight,839 gaming terminals.

On Monday, PhilWeb sought and was granted a temporary suspension of buying and selling in its shares, citing the “unverified material information” circulating in the wake of Duterte’s pronouncement. The suspension will be lifted Thursday early morning.

A thirty day period before Duterte spoke, PhilWeb had announced plans to make a personal placement of up to 300m shares in a bid to raise at least P6b (US $128m). The enterprise had claimed that this “war chest” would provide it with “the ability to go on an aggressive expansion application.” Suffice it to say, this application could be on long term hold.

There is still question as to whether or not Duterte’s remarks ended up also directed at the Asian-facing on the web gambling operators who hold licenses issued by the Very first Cagayan Leisure and Vacation resort Corp under the Cagayan Economic Zone Authority (CEZA).

These operators are not authorized to take bets from Philippine nationals, and thus would feel to be exempt from Duterte’s considerations concerning the possible harms of gambling on regional inhabitants. However, with some question still hanging more than this query, one opportunistic turnkey company has offered a possible lifeline to CEZA-accredited operators.

On Saturday, Quick Offshore issued a release advertising its Quick-Keep track of On the net Gambling Licensing Application on the island of Curaçao, which the enterprise statements can provide an authorized on the web gambling sub-license within forty eight hours. No information on whether or not you get a refund if your license isn’t sent piping-very hot to your doorway with that timeframe, or if you get totally free Cheezy Bread with your order. Continue to, dare to aspiration.



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