The Philippines’ gaming regulator is looking for an intermediary to audit its new online gambling licensees’ financial activity.
Last week, the Philippine Amusement and Gaming Corporation (PAGCOR) issued a request for expression of interest for the procurement of consulting services for the development, operation and management of an intermediation platform/audit program for its Philippine Offshore Gaming Operator (POGO) licensees.
PAGCOR began issuing its first POGO licenses last fall as a means of exerting more control over the country’s burgeoning online gambling industry. Some 42 licenses have been issued to date and more applications are pending, but PAGCOR said last week that it could temporarily cap the number of available licenses at 50 until it has a better sense of whether the market is saturated, and it will only be able to make that determination once there’s a system in place to automatically track online gambling revenue.
PAGCOR is looking for an “experienced and qualified consultant” who will be tasked with developing this intermediation platform and audit program. The system will be required to be operational this year, and PAGCOR will require a test run covering at least 50% of the existing POGO licensees before the final switch is flipped.
PAGCOR has budgeted P600m (US $12m) per year or P6b for the initial 10-year contract. The winning bidder will be paid 10% of the net revenue that PAGCOR derives from the POGO program. PAGCOR has previously estimated that the POGO program will generate $120m in annual revenue for the government once its fully up to speed.
Interested parties have been asked to submit their paperwork by Tuesday, June 20. Bidding is restricted to Filippino citizens or entities which are at least 60% owned by local residents but Asia Gaming Brief reported that PAGCOR’s request had attracted interest from parties based in Malta and the Isle of Man.
