Casinos.co.uk: Casino News Archive
Thursday 18th March 2004
Philippine Gov't Hopes to Hit Jackpot With Online Casino
The cash-strapped Philippine government is looking to online gaming as a much needed source of revenue and today granted its first ever online casino license to gaming company Philweb. As part of the deal, state owned gambling monopoly, Pagcor, will keep half of the money generated by the new casino.
Pagcor is currently the state’s second biggest source of revenue other than taxes - its casinos, slot machines and arcades rake in $2 billion a year – and the government is hoping that an Internet casino will attract new customers at home and abroad.
Despite the potential financial benefits, the casino could prove to be controversial in the devoutly Catholic country. One insider said that Pagcor projects are always susceptible to ‘political storms,’ adding that lawmakers and church leaders always challenge such ventures.
Source:OnlineCasinoNews
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