Online Sports Betting: Why Regulation Now Reaches a Tipping Point

Posted by DG, Date posted at October 6, 2022

Online sports betting has now reached a critical mass in the Philippines. The bygone era of sports betting with a limited scope has disappeared. When sports betting wasn’t as connected as today, it was easier for everyone involved to keep tabs on fair play. The government also had a manageable scope of coverage to ensure every sports betting was safe, and secure and only authorized parties were able to continue conducting the games.

sports betting kiosks
Image source: MassLive

Before everything was connected, growth and accessibility were at a limited and manageable threshold

Looking back at when sports betting per se started, back when the first lotto found its way via Chinese traders and Spanish galleons brought with it cockfighting games — games were slowly gaining popularity and were limited to only the local populace. As progress trudged on along with technology, sports betting and games grew at a faster pace. Mainly, travel was easier and more convenient, enabling tourists to gather at popular casinos in major commercial capitals globally.

The Philippine Amusement and Gaming Corporation was only in its infancy in 1977 when the casino industry experienced marked growth in the Philippines. PAGCOR was able to establish and regulate casinos and other forms of gambling in the country. Prior to this, there were burgeoning underground sports betting and gaming which PAGCOR has steadily addressed by introducing their own authorized facilities or carrying through with licensure of establishments.

Access can be monitored and controlled for players must physically gather and be at the gaming venue to enjoy their preferred games. Global reach was limited to tourists who come and go at said venues. Deposits to play games and withdrawal of winnings had to go through payment channels which can be monitored and safely regulated to ensure fair play.

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Present day: Online sports betting unexpected phenomenal growth

Currently, the online sports betting industry is said to be worth billions of pesos. The growth largely stems from the proliferation of online sports betting sites that are now saturating the market. Being an online entity also spells that anyone who has internet connectivity and a capable-enough device can not only participate in the online sports betting scene but also create a sportsbook.

Having this almost enigmatic nature of online sports betting, regulating this appropriately and ensuring that all sites protect both the participant and the host — is a task getting more challenging as the days pass. Licensing is a critical role of PAGCOR which they also take to heart. They are the primary regulatory body in charge of surveilling online casinos as well as online sports betting websites, releasing online gaming permits and guaranteeing the safety of all parties involved.

PAGCOR has also created its own casinos and other gaming facilities to be able to influence regulation and establish the standards that will promote responsible gaming. They are also creating the same wave of influence by immediately providing permits and licenses to reputable international online sports betting sites. PAGCOR has also refined its system of being able to collect taxes efficiently, garnering a total of USD1.6 billion back in 2017.

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Scope and breadth of online sports betting

The recent years have seen online sports betting in the local environment have a steady surge in earnings. This can be seen on the sports wagering providers’ end. Without a doubt, the international online sports betting sites also contributed to the wave of growth with easy access for players from the Philippines

Foreign investors have also stepped into the arena of online sports betting locally. They are steadily acquiring control over sites that show promise of long-term returns on investment. With this diversity and the dizzying variety of sites for online sports betting, one needs some guidance to avoid any pitfall in enjoying the games.

There are no longer any physical limitations that could stop online sports betting players from choosing the site that would fit their preferences best. The only obstacle would be how to choose. It’s a good thing that the market is also saturated at these current times. Welcome bonus offers are getting higher and more lucrative for the new player.

The online sports betting sites cover a variety of sports especially basketball, football, eSports, tennis, boxing, and MMA. Bookmaking can help the beginner for they are now also available online. The Sportsbook sector has also flourished and is paving the way for even more growth for online sports betting.

Looks like there’s no stopping online sports betting from growing in leaps and bounds in the next years. We all just need to make sure we’re choosing a safe and secure environment while having fun with the games.

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