A local online casino gambling sports betting exchange company is about to enter the booming Asian market of sports betting, now that the company has been granted a license by the Philippine government.  According to an executive at the company, they expect to break into the billion-dollar Asian market very soon.

The newly licensed sports betting exchange will allow players to bet against one another on a wide variety of sporting events. Unlike many other sports betting exchanges where a bookie matches the bets and sets the odds, this exchange won’t have a bookie so customers will set their own odds and have a chance to make more money than if the site had a bookie.

The company, which was keeping a low profile for the last few months because of inquiries about illegal gambling activities, has now been given permission to promote its sports betting site and expects to break into the Asian market in the very near future.

The company, considered the licensed technology provider for the Philippine Amusement and Gaming Corp. (PAGCOR), will be running the sports betting site in the country.

It was decided that PAGCOR would regulate all Philippine gambling companies because of the longstanding problem of illegal sports betting in the country.  PAGCOR is the regulating body responsible for granting the license to the online casino gambling sports betting sites.  The license arranges for both parties to earn commissions from any winning bets.

Emil de la Cruz, the officer in charge of the online casino sports betting site, said the site is different from other sites where bookies match player bets and set odds because the new site doesn’t use a bookie.  The new site also has special technology and software to prohibit minors from placing bets.
It is expected that the new site will make five million pesos in the first year alone.  Most of the revenues will come from collecting winning bets.

“Actually,” said dela Cruz, “this service will force illegal sports betting to become legitimate.”