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WITH two casinos in the pipeline, online casino operators are now hoping that Singapore will consider issuing Internet gaming licences as well.
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Currently, Philippines is the only Asian country to offer Internet gaming licences for online casino operators.
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In 2003, the Philippines government set up a special regulatory body in the Cagayan Special Economic Zone to provide a hub — complete with Internet server, telecommunication connections, collection payment system and toll-free telephone operations — for Internet gaming companies.
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Mr Tom Hall, president of gambling software provider Playtech Asia, told Today: "Singapore has fantastic technical support and infrastructure. Given a choice between the Philippines and Singapore, many will probably prefer Singapore."
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Since the Philippines passed its Interactive Gaming Act in 2003, over 40 online gaming companies have obtained licences.
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Gaming experts at the Asian Casinos Executive Summit yesterday agreed that online gaming — which makes up a mere 5 per cent of the US$250 billion ($395 billion) global gaming market — is poised to grow, especially in Asia.
.
For the Philippines, allowing online casinos was the next logical move since it already has several land-based casinos, said Mr Hall. Moreover, the government could earn tax dollars from gaming activities outside their country. Online casino operators in the Philippines pay a 2-per-cent tax on their gross winnings.
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"It's the norm for the licensing country to ban operators from marketing to the local population, as done in places such as Costa Rica and Antigua," said Mr Hall, adding that the gambling software that Playtech produces for operators based in the Philippines is calibrated to ban local Internet addresses.
.
"Obviously, we'd prefer the Government to regulate online gambling and tax it, rather than prohibiting it completely."
.
According to Mr Peter Kjaer, chief executive of DrHo888.com — an online casino hosted in Costa Rica — Singaporean punters make up around 5 per cent of their annual turnover, or as much as the whole of North American bets on the website owned by casino mogul Stanley Ho.
.
The United States is passing a bill to make it illegal for financial institutions to process payments for online gambling. The UK will allow gambling websites next year. S'pore would be ideal place to host online casinos, says gambling software provider
Tor Ching Li
chingli@newstoday.com.sg
WITH two casinos in the pipeline, online casino operators are now hoping that Singapore will consider issuing Internet gaming licences as well.
.
Currently, Philippines is the only Asian country to offer Internet gaming licences for online casino operators.
.
In 2003, the Philippines government set up a special regulatory body in the Cagayan Special Economic Zone to provide a hub — complete with Internet server, telecommunication connections, collection payment system and toll-free telephone operations — for Internet gaming companies.
.
Mr Tom Hall, president of gambling software provider Playtech Asia, told Today: "Singapore has fantastic technical support and infrastructure. Given a choice between the Philippines and Singapore, many will probably prefer Singapore."
.
Since the Philippines passed its Interactive Gaming Act in 2003, over 40 online gaming companies have obtained licences.
.
Gaming experts at the Asian Casinos Executive Summit yesterday agreed that online gaming — which makes up a mere 5 per cent of the US$250 billion ($395 billion) global gaming market — is poised to grow, especially in Asia.
.
For the Philippines, allowing online casinos was the next logical move since it already has several land-based casinos, said Mr Hall. Moreover, the government could earn tax dollars from gaming activities outside their country. Online casino operators in the Philippines pay a 2-per-cent tax on their gross winnings.
.
"It's the norm for the licensing country to ban operators from marketing to the local population, as done in places such as Costa Rica and Antigua," said Mr Hall, adding that the gambling software that Playtech produces for operators based in the Philippines is calibrated to ban local Internet addresses.
.
"Obviously, we'd prefer the Government to regulate online gambling and tax it, rather than prohibiting it completely."
.
According to Mr Peter Kjaer, chief executive of DrHo888.com — an online casino hosted in Costa Rica — Singaporean punters make up around 5 per cent of their annual turnover, or as much as the whole of North American bets on the website owned by casino mogul Stanley Ho.
.
The United States is passing a bill to make it illegal for financial institutions to process payments for online gambling. The UK will allow gambling websites next year. S'pore would be ideal place to host online casinos, says gambling software provider
Tor Ching Li
chingli@newstoday.com.sg
WITH two casinos in the pipeline, online casino operators are now hoping that Singapore will consider issuing Internet gaming licences as well.
.
Currently, Philippines is the only Asian country to offer Internet gaming licences for online casino operators.
.
In 2003, the Philippines government set up a special regulatory body in the Cagayan Special Economic Zone to provide a hub — complete with Internet server, telecommunication connections, collection payment system and toll-free telephone operations — for Internet gaming companies.
.
Mr Tom Hall, president of gambling software provider Playtech Asia, told Today: "Singapore has fantastic technical support and infrastructure. Given a choice between the Philippines and Singapore, many will probably prefer Singapore."
.
Since the Philippines passed its Interactive Gaming Act in 2003, over 40 online gaming companies have obtained licences.
.
Gaming experts at the Asian Casinos Executive Summit yesterday agreed that online gaming — which makes up a mere 5 per cent of the US$250 billion ($395 billion) global gaming market — is poised to grow, especially in Asia.
.
For the Philippines, allowing online casinos was the next logical move since it already has several land-based casinos, said Mr Hall. Moreover, the government could earn tax dollars from gaming activities outside their country. Online casino operators in the Philippines pay a 2-per-cent tax on their gross winnings.
.
"It's the norm for the licensing country to ban operators from marketing to the local population, as done in places such as Costa Rica and Antigua," said Mr Hall, adding that the gambling software that Playtech produces for operators based in the Philippines is calibrated to ban local Internet addresses.
.
"Obviously, we'd prefer the Government to regulate online gambling and tax it, rather than prohibiting it completely."
.
According to Mr Peter Kjaer, chief executive of DrHo888.com — an online casino hosted in Costa Rica — Singaporean punters make up around 5 per cent of their annual turnover, or as much as the whole of North American bets on the website owned by casino mogul Stanley Ho.
.
The United States is passing a bill to make it illegal for financial institutions to process payments for online gambling. The UK will allow gambling websites next year. |
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