Why Sports Betting is Booming in the Philippines?
Like most Asian countries, the Philippines has a rich sports betting industry that has become tremendously popular in the last several years. The history of gambling in the Philippines goes to the Spanish colonial period. Back in the day, gambling activities mainly revolved around cockfighting.
During the same period, the very first billiard halls and card parlous were established while in the nineteenth century, horseracing and lotteries have been introduced. In the middle nineteenth century, the very first casino gambling venues had been founded.
Nonetheless, various forms of gambling activities existed in the country even long before the very first legal gambling establishments opened their doors. According to most sources, gambling was a very popular form of entertainment among Filipino residents back in the sixteenth century. Fast forward to the present day, gambling is perfectly legal in the country when offered by gambling establishments that are fully regulated and licensed.
Gambling Laws and Regulations in the Philippines
To understand the growing popularity of sports betting in the Philippines, we have to take a look at major gambling laws and regulations concerning gambling activities in the country. All gambling laws and regulations were set up to monitor gambling venues with the main purpose of protecting the bettor or the gambler. All renowned sports betting sites catering to Filipino sports bettors are monitored by the PAGCOR.
The Philippine Amusement and Gaming Corporation is the main regulatory body responsible for issuing remote gambling licenses, monitoring online casinos and web bóng đá uy tín https://www.thenyic.net sites, ensuring the safety of everyone involved, and promoting responsible gambling practices.
22Bet is one of the highly used betting sites in the Philippines as recommended in this review.
In addition to 22Bet, Filipino sports bettors can engage in lucrative sports betting activities at many different sites and those that are deserving of your attention are monitored by the Philippine Amusement and Gaming Corporation.
Speaking of gambling laws and regulations in the Philippines, gambling activities were legalized back in 1975. This is the year when Ferdinand Marcos, then-President signed into law Decree No. 1067. The new gambling law also led to the formation of the Philippine Amusement and Gaming Corporation in addition to legalizing various forms of gambling.
In addition to being responsible for issuing remote gambling licenses and monitoring services and products offered by iGaming sites, the Philippine Amusement and Gaming Corporation also owns and operates many land-based casinos scattered all over the island.
At present, there are no laws or regulations in the country that prohibit Filipino players from engaging in online gambling or betting activities. Filipino bettors are given access to numerous reputable international betting sites and all of these are regulated and licensed by renowned gambling commissions and regulatory agencies.
The Rise of Sports Betting in the Philippines
Sports betting and gambling, in general, are extremely popular in the Philippines due to very lenient laws and regulations that make it very easy for Filipino bettors to gamble online. As shown in this Statista report, the Philippine Amusement and Gaming Corporation amassed amazing online gambling revenues of over US$1.6 billion back in 2017.
Gambling revenues collected by Filipino sports betting operators increased in the last several years thanks to more international sports betting sites opening their virtual doors to Filipino bettors.
Sports betting activities are widespread in the country and the entire sports betting industry has been on the rise in the last several years with foreign operators overtaking the country’s multi-billion worth gambling industry.
Consequently, Filipino sports bettors have an amazing variety of options to explore as numerous different sites operate in the industry competing with each other. Travelling outside of the Philippines gives access to live gambling opportunities as well.
There is an amazing selection of sports betting websites to explore and many of these offer quite competitive betting odds and cover all sorts of popular sports betting markets such as basketball, football, tennis, boxing, MMA, and eSports that Filipino sports bettors prefer. Bonuses and promotions offered to Filipino bettors have never been so generous as today.
Similar to how the gambling evolves in the country, various practices like bookmaking successfully embraced the online platform. Bookmaking is an old school gambling activity where a person, better known as the “bookmaker” or the “bookie”, takes bets from individuals on sporting events. They provide a place where sports bettors can make wagers. Today, Sportsbook industry is still prominent and it managed to venture successfully on mobile platform. There is a great number of apps that allow you to participate in such event. In fact, you can even start your own online sportsbook business. Simply gather and learn everything you need to know on how to be a bookie and see if you have what it takes to become an effective bookmaker.
Mobile sports betting activities have been on the rise as well following more foreign sites entering the lucrative Filipino sports betting industry. Thanks to this very welcoming gambling environment, the industry is expected to grow even further in the years to come.