Foreign media reports that Alejandro Tengco, the Chairman and CEO of the Philippine casino regulatory agency PAGCOR, stated that the development of modern technology and mobile devices ensures that the future of gambling will move online.
Tengco also mentioned that in the third quarter of this year, the gross gambling revenue generated by electronic gambling and BINGO operations exceeded 40 billion pesos (about 680 million US dollars), an increase of 236.9% compared to the same period last year.
For the growth in the first three quarters of this year, the electronic gambling segment saw the largest increase, with gambling revenue reaching 35.71 billion pesos, an increase of 464.4% compared to the same period last year.
Alejandro Tengco delivered a speech at the "Champions Night" event hosted by FBM (a supplier of electronic gambling machines) on Tuesday (19th), pointing out the strong gambling revenue shows that modern technology and mobile gadgets have become the future of gambling.
He also stated that FBM, an electronic gambling machine supplier in the Philippines, has transformed from a small business 22 years ago into one of the largest companies in the market today.
Earlier this year, FBM launched an online gaming platform, FBM E-MOTION, in the Philippines. In September, the company announced an investment of 10 million US dollars to establish a new "software company" in Manila.
Alejandro Tengco mentioned that FBM is currently one of the largest companies in the local gambling industry, with about 32,000 machines deployed across the Philippines, making a positive contribution and helping the industry grow further.
Alejandro Tengco also reiterated that the remittance rate for online and live betting platforms announced in September will be reduced starting from January next year. The fee for physical casino gambling licenses will be reduced to 30%, while the fee for integrated resorts involving online gambling will be reduced to 25%.
He also told the attendees that he hopes a large part of the additional discount will be used in marketing activities to attract more customers and increase gambling revenue.
