188BET has confirmed the closure of its operations in the Isle of Man as it transitions its operations to the Philippines.
The operator has underlined that it will ensure ‘responsible gambling practices and continuity’ by offering players greater flexibility alongside enhanced services under the framework of the Philippine Amusement and Gaming Corp (PAGCOR).
The online sportsbook and live casino platform offered the following statement to its customers: “188BET is currently operated by Cube Limited and licensed by the Isle of Man Gambling Supervision Commission (IoMGSC).
“Effective from 00:00:00 hrs (GMT -4) on 19 March 2024 Cube Limited will surrender its IoMGSC licence and the business of 188BET will be operated by a new Philippines-based company, BestCommerce Corporation, which is licensed and regulated by PAGCOR.”
The minimum age for betting under PAGCOR regulations is 21. Therefore players who are not 21 years of age, or who do not wish to play under the new licence, can choose to have their accounts closed and any funds returned, the operator assured.
188BET was one of the first Asian bookmakers to set up its corporate headquarter on the island, a crown dependency of the UK.
Meanwhile, the Philippines has recently announced that it is targeting 2024 as a deadline to become delisted from the ‘grey list’ of the Financial Action Task Force (FATF).
All remaining shortcomings are to be addressed by the relevant government agencies in the country, as well as the Anti-Money Laundering Council (AMLC) of the Philippines, by order of President Ferdinand R. Marcos Jr.
