The Casino Plus online gaming brand in the Philippines has affirmed a PHP1-billion (US$16.2-million) surety bond, described in reports as a means of ensuring player protection.
Evan Spytma, chief executive of Casino Plus, was cited saying in a Monday statement that the bond was “proof” that the company takes “player protection seriously”.
He added: “It reflects our commitment to operating with financial discipline, transparency, and accountability.”
How the protection mechanism would work for players was not mentioned in the media reports.
The Casino Plus surety bond is said to be backed by Philippines First Insurance Company Inc, known as PhilFirst Insurance.
The Manila Times news outlet said in its Monday report that Casino Plus had launched the surety bond last year to provide protection for confirmed deposits and verified balances.
Mr Spytma – who also heads Hotel Stotsenberg Leisure Park and Hotel Corp, which controls a land-based casino and hotel at Clark Freeport – was cited as saying in his latest comments: “We understand that Filipinos are being more careful about where their money goes.”
The Philippine economy has been impacted by the rising cost of fuel imports amid the ongoing Middle East crisis.
Earlier this month, the country’s regulator, the Philippine Amusement and Gaming Corp (Pagcor), said the gaming sector – including non-casino operations – produced first-quarter gross gaming revenue (GGR) of PHP87.60 billion, down 15.9-percent year-on-year.
The decline was largely driven by a “weaker performance” of the electronic gaming sector, which saw revenue down 22.4 percent from a year ago.
The segment encompasses e-bingo, e-games, bingo grantees, and onsite and off-site poker, as per Pagcor’s classification. It accounted for circa 45.6 percent of aggregate GGR in the January to March period.
In September last year, Philippines-listed DigiPlus Interactive Corp – another provider of online gaming, online bingo and online sports betting – announced what it described as the “Philippines’ first-ever” surety bond programme for online players.
The programme was also developed in partnership with PhilFirst. Per the statement at the time, the surety bond was to protect player balances of up to PHP1 million per player, “without requiring customers to purchase a separate policy”.
Earlier this month, DigiPlus said it welcomed new Pagcor rules on limits for cash rebates for online players, stating the steps would promote equitable competition among operators in the country.
