Comprised of over seven thousand islands, the Philippines is a country located in Southeast Asia. As estimated in 2020, the Philippines is home to over 109 million people. This newly industrialized country has a highly developed economy that for many years was fueled by agriculture. Fast forward to 2021, the country’s economy is more based on manufacturing and services, with the most developed industries being pharmaceutics, mining, mineral processing, and shipbuilding.
The real estate, construction, and tourism industries are also highly developed. The Philippines is also home to a highly developed gambling industry with various forms of gambling enjoying huge popularity among Filipinos. In the region, Macau and Singapore are the top players, with the Philippines closely following. This does not come as a surprise considering most countries in Asia are more than eager to compete for their share in the thriving Asian gambling market.
The gambling industry in the Philippines is most certainly on the rise and has been for many years. More specifically, gambling activities became legal in the country back in 1975 when then President of the Philippines Mr. Marcos signed into law Decree Number 1067. This law defined all forms of legal gambling activities as well as established the Philippines Amusement and Gaming Corporation that operated under the President’s Office.
The Philippine Amusement and Gaming Corporation
Gambling activities have been present in the country many years before the Spanish colonization. While there are no exact sources revealing the origin of gambling in the country, most experts agree that certain forms of gambling were brought to the Philippines back in the late sixteenth century. In the nineteenth century, horseracing and lotteries were introduced, while the very first casino venues opened their doors in the same period.
At the same time, the Spanish colonial government took various steps to limit gambling activities, but this had almost no effect. In the early twentieth century, cockfighting was one of the most favorite gambling activities among Filipinos. After the long colonial period, the country’s government decided to take the matter into their own hands, and this is when the Philippine Amusement and Gaming Corporation was established. At the time, the PAGCOR was created to monitor activities at ten casinos operational in the country at the time.
Ten years later, the responsibilities and privileges of the Philippine Amusement and Gaming Corporation were significantly expanded, and by the 1990s, the government-led agency was also responsible for monitoring bingo and lottery establishments. Since the 1990s, numerous other gambling activities have been introduced, including online sports betting activities. If you want to know more about legal sports betting sites in the Philippines, make sure you learn from a credible source.
All of these, including online sports betting activities, are regulated and monitored by the Philippine Amusement and Gaming Corporation that is also responsible for:
- Enforcing responsible gaming practices
- Monitoring all sports betting sites
- Licensing and monitoring iGaming operators
- Granting employment licenses
- Monitoring offshore gambling activities
The Legality of Sports Betting in the Philippines
In the Philippines, online casinos and online sports betting sites operate legally if licensed by the Philippine Amusement and Gaming Corporation. According to a report released by Statista, the yearly revenues of gambling operators in the Philippines back in 2018 reached US$6 billion, which was a huge jump from the previous year.
With more and more sports betting sites opening their doors in the country, it is expected to see the industry’s revenues growing in the years to come, and as one of Asia’s most profitable, fastest-growing sports betting markets, the sports betting industry in the Philippines is destined to succeed, along with many other great things about the Philippines that are constantly growing and getting better.