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PAGCOR statement on the uncollected P2.328B POGO income
The Philippine Amusement and Gaming Corporation (PAGCOR) would like to clarify a recent report by the Commission on Audit (COA) regarding its outstanding accounts receivables amounting to P2.328 billion.
Out of the P2.328 billion, the P815.902 million indicated in the report as under protest has already been resolved with finality. To recall, said amount resulted from PAGCOR’s intensive fight against illegal online gambling and its overzealousness to maximize collections which led it to impose assumed or estimated billings for suspected undeclared websites. After thorough revalidation, no link between the suspected undeclared websites and concerned POGOs were established. In fact, the undeclared sites were actually websites of illegal operators stealing the live stream of our licensees.
On the P1.512 billion which remain uncollected, majority of the said amount is attributable to the recent effects of the Covid-19 pandemic. It must be recalled that on March 21, 2020, all POGO gaming operations in the country were ordered shut down by the Government in view of the implementation of the Enhanced Community Quarantine. On June 2020, despite being allowed to resume operations, majority of our operators were still unable to resume operations due to existing lockdowns, restrictions in business operations, prohibition on entry of foreign workers, and other pandemic measures.
It is worth noting that with the passage of the Bayanihan Act, which allowed the adoption of concessions to ease the economic burden on businesses, PAGCOR would have had the option of not imposing the monthly Minimum Guaranteed Fee (MGF) on the POGO licensees which failed to resume its operations. Nonetheless, because of PAGCORâs desire to source revenues to fund the fight against the pandemic, the monthly MGF, which is for operators who do not meet their monthly target revenues under normal operating circumstances, was continuously imposed on all POGOs for the months of April and May 2020 notwithstanding the closure mandated by the Government, and for the succeeding months, regardless of whether the licensee was able to resume operations or not. In deference to the provisions of the Bayanihan Act, only the procedures on forfeiture of performance bond and cancellation of license were temporarily suspended. Nevertheless, despite such remedial measures, most POGOs were no longer able to reopen since the start of the pandemic, which consequently resulted in the accrual of uncollected bills.
Finally, it must be emphasized that POGOs which are currently operational were required to fully settle their accumulated arrears before they were allowed to resume operations. This meant full payment of their monthly MGF for the months that they were non-operational beginning on March 2020, including the months wherein closure and stoppage of operations was mandated by the government. These collected amounts were used by the Government to fund the fight against the pandemic.
To date, PAGCOR has been observing proper procedures for the collection of its outstanding receivables. Uncollected accounts receivables have already been referred to the legal department for necessary action, and PAGCOR is set on employing all legal means for its collection.
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The Tennessee Sports Wagering Council through its executive director issued $50,000 in fines to Bovada.lv, an unlicensed and therefore illegal sportsbook operating in Tennessee.
Bovada failed to comply with cease and desist letters delivered to addresses in Curaçao, and Council investigators placed wagers through Bovadaâs platform on three separate occasions, including as recently as October 16, 2024.
The Sports Gaming Act authorizes the Council to impose a $10,000 fine for the first offense of accepting wagers without a license, which rises to $15,000 for the second offense, and $25,000 for the third offense. Subsequent offenses may lead to the imposition of a $25,000 fine for each occurrence, an occurrence being a single wager accepted in Tennessee.
In the cease and desist letters, the Council ordered Bovada to allow all Tennessee users to withdraw any funds currently held by the unlicensed sportsbook.
âThe Sports Wagering Council recommends that Tennessee users of Bovada withdraw their funds immediately. Our primary role is the protection of the public interest through a safe, regulated environment, and Tennessee sports bettors need to know that just because they can access a sports betting website or app inside Tennesseeâs borders does not mean it is licensed to do business here,â Mary Beth Thomas, Executive Director of Tennessee Sports Wagering Council, said.
Legal sportsbook operators provide important bettor protections not found in the illegal market. If an individual wagers with unlicensed sportsbooks, their sensitive financial and personal information may not be protected and could even be shared with criminal enterprises. The bettorâs money could be withheld or disappear without a way to recover it.
The SWC is working closely with its network of law enforcement at the state and federal level to eradicate illegal sportsbooks such as Bovada and others.
Tennessee is the largest âonline-onlyâ sports betting market in the US, with more than $4.7 billion wagered in Tennessee last fiscal year through online sportsbooks licensed by the Council.
The hottest new game from Aristocrat Gaming, Phoenix Link, is now live on casino floors, with Yaamavaâ Resort & Casino being the first in North America to offer the highly-anticipated game. As the next evolution of the international hit game, Dragon Link, Phoenix Link features player-favorite mechanics from top games with all-new themes, features, and bonuses.
âWe have been humbled by the incredible global fanfare Dragon Link has received over the years but are never ones to rest on our laurels. The teams have been working tirelessly on a follow-up that brings together all the player-favorite elements in a new and exciting way with Phoenix Link as the proud result. We were thrilled to partner with Yaamavaâ to premiere Phoenix Link with flair, excitement, and celebration,â said Victor Duarte, executive vice president of product for Aristocrat Gaming.
Phoenix Link players will enjoy the gameâs additional denominations, configurations, and jackpots on each of the launch game theme titles. Gameplay features include Hold & Spin, Free Games with multiplier wilds or twin spin reels, Phoenix Mystery trigger, and more new bonus twists. Phoenix Link is available on the Neptune Single cabinet.
âYaamavaâ is thrilled to host yet another world premiere in gaming with the launch of Phoenix Link by Aristocrat Gaming. Our Club Serrano members are already raving about this captivating extension of the player-favorite Dragon Link. Itâs a great addition to the Yaamavaâ gaming floor,â said Kenji Hall, General Manager of Yaamavaâ Resort & Casino at San Manuel, said.
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