SBC News Voice of the Sports Betting Industry
188BET has announced that it is shutting down its operations in the Isle of Man as it shifts to the Philippines, changing its regulatory jurisdiction.
The operator has emphasised that during the transition it will ensure ‘responsible gambling practices and continuity’ by offering players options and enhanced services under the framework of the Philippine Amusement and Gaming Corp (PAGCOR).
The sports betting platform officially stated to all of its customers: “188BET is currently operated by Cube Limited and licensed by the Isle of Man Gambling Supervision Commission (IoMGSC).
“Effective from 00:00:00 hrs (GMT -4) on 19 March 2024 Cube Limited will surrender its IoMGSC licence and the business of 188BET will be operated by a new Philippine-based company, BestCommerce Corporation, which is licensed and regulated by PAGCOR.”
The minimum age for betting under PAGCOR regulations is 21. Therefore players who are not 21 years of age, or who do not wish to play under the new licence, can choose to have their accounts closed and any funds returned, the operator assured.
Having utilised its current Isle of Man licence since 2007, 188BET was one of the first Asian bookmakers to set up its corporate headquarter on the island, a crown dependency of the UK.
Meanwhile, the Philippines has recently announced that it is targeting 2024 as a deadline to become delisted from the ‘grey list’ of the Financial Action Task Force (FATF).
All remaining shortcomings are to be addressed by the relevant government agencies in the country, as well as the Anti-Money Laundering Council (AMLC) of the Philippines, by order of President Ferdinand R. Marcos Jr.
A government press release published by the Philippine Information Agency confirmed that the AMLC is fully backing the President’s decision.
