188BET moves licence back to Philippines

Online gambling giant 188BET has announced that it is shutting down its Isle of Man operations and moving its license back under the jurisdiction of the Philippines.

The move that seemed to have been in the making for some time was announced in an email to all players sent out on Friday. In it, the sports betting and casino behemoth informed its customers of the changes and explained the time frame as well as other details of the restructuring exercise:

“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 Philippine-based company, BestCommerce Corporation, which is licensed and regulated by the Philippine Amusement and Gaming Corp (PAGCOR).”

Players who are not 21 years of age (the minimum age under PAGCOR regulations) or who do not wish to play under the new license can choose to have their accounts closed and any funds returned.

188BET has held its current Isle of Man license since 2007 and was one of the first Asian bookmakers to set up its corporate headquarter on the British island. It previously employed traders and support staff at its original office in the capital city of Douglas, before scaling down on-island operations to only cover regulatory and compliance matters.

Source: Asia Gaming Brief