Tag: Responsible Gambling

“Filipinos are against casinos.”

That is what a politician argued last January 27 during the Senate’s hearing on the economic and social effects of online gambling businesses.

Senator Sherwin Gatchalian cited a Pulse Asia survey claiming that at least “58 percent of the 1,200 respondents” did not favor Philippine Offshore Gaming Operators (POGOs). The study found that most Filipinos believe this online gambling business is “harmful to society.”

Among those that answered the poll, 67% were concerned about the vice. Meanwhile, 57% pointed out the POGO-related crimes involving Chinese nationals, while 43% reasoned that POGOs have allegations of tax evasion. Those unhappy with the economic opportunities the industry gave Filipinos were at 33%, while 22% were worried about it being a cause of inflation in rents and residential or business property acquisitions.

Meanwhile, there were in favor of POGOs setting up gambling businesses in the country. About 19% of the 1,200 respondents believe that there were beneficial effects from the said industry.

Should Filipinos be worried about the gambling industry?

In terms of revenue, the gambling industry in the country fared well even during the height of the Covid-19 pandemic.

PhilStar said the local gaming industry had a P149 billion income in 2022. The Philippine Amusement and Gaming Corporation (PAGCOR) reported that its gross gaming revenue (GGR) ballooned as the health protocols relaxed. Meanwhile, casinos posted a 105% increase in revenue, or P44.75 billion.

Profit from licensees such as OKBET gave PAGCOR an output of P7.9 billion from P3.41 billion in 2021. The government agency also plans to increase the tax rate of the online gambling industry.

While a chunk of the government’s earnings was from the gambling industry, there is still a need for it to regulate, said Gatchalian. With that being said, he proposed that the regulator be “controlled.”

“In my view, it’s much cleaner to establish a separate gaming regulator regulating all gaming corporations including Pagcor itself,” pointed the senator during an appearance on CNN Philippines’ “The Source” last January 24. “Pagcor should be subjected to an independent regulator because they also operate casinos.”

An article by SIGMA stated that the Philippines is alleged to set a tax rate of 42.5% on “all online gaming revenue generated by land-based operators.” Besides, there will also be a 5% gaming system fee to the regulator, which is PAGCOR.

“PAGCOR makes money out of the licensees and the service providers,” Gatchalian argued. “On the other hand, they are making money, and they are making revenue. On the other hand, they are regulating, meaning they’re enforcing laws against these licensees.”

Conclusion

Filipinos should not be worried about POGOs and PIGOs. As Gatchalian said earlier, PAGCOR should answer to someone higher. As per the senator’s observation, the agency is just “handing out licenses” without proper investigation. 

Hence, there are incidents of kidnapping and human trafficking linked to the gambling industry. Because of these incidents, gambling had a bad reputation among Filipinos, especially the business owners being Chinese nationals. If PAGCOR becomes stringent in allowing potential gambling operators, the criminal cases will be minimal if not avoided.

In terms of gambling being addictive, there is already a program by PAGCOR that help those with gambling addiction problems. Also, the agency reminds every gambler to practice responsible gaming. Licensed casinos also prevent their customers from spending too much in one go or spending all of their time gambling.

Read: Are Young Gamblers Vulnerable to being Potential Criminals?

Across the United Kingdom and Europe, gambling has been very addictive. The reason is that gambling venues have become easier to access, specifically with the popularization of online casinos. As a result, many players are drowning in a sea of debt, which we will discuss in this OKBET blog post.

Gambling debt is accumulated by bettors who do not know how to manage their money. Those who have a hard time stopping themselves from betting could end up losing their savings, including their investments.

Types of Gambling Debt

The various methods to deposit are equivalent to how much debt you would incur in the future. These are the possible borrowing that a player with a gambling problem would encounter:

• Credit card debts
• Strained relationships with family and friends due to loans
• Withdrawal from personal bank accounts
• Exhausting personal savings
• Bankruptcy

Although there are legitimate online casino platforms like OKBET, which encourage gambling responsibly, the problem still lies with the person without self-control. Thus, it is important to acknowledge that once the addicting powers of betting consume you, your downfall begins.

The most logical thing to do is to cut off your problem’s root.

Gambling Could Bankrupt You

If you incur gambling debt, you will also be easier to go bankrupt. This happens when you do not have enough resources to manage your loans. As a result, you will be behind on your mortgage, may experience foreclosure, and get harassed by bill collectors.

Additionally, your credit score will be severely affected, and you will have difficulty borrowing from the bank. 

This is one of the reasons why OKBET promotes responsible gambling—to avoid destroying their players’ lives.

Reasons Why Gambling Could Ruin You

As mentioned earlier, gambling is very addictive. This could lead to problems like gambling addiction, which could get you in trouble.

Those who experience this disorder are compelled by their urges to spend more in casinos. In turn, it would result in a ton of gambling debt and affect your mental health.

A lack of self-control is one of the main reasons why there are many gambling addicts.

Treating Your Disorder

Once you accept that you have a gambling problem, finding the proper treatment for you will be easier. As a matter of fact, there are ways to treat the issue, especially with the help of authorized casinos.

In the Philippines, the Philippine Amusement and Gaming Corporation (PAGCOR) offers a self-exclusion program. This will help anyone who has difficulty steering away from casinos by prohibiting them to play for a while.

Furthermore, seeking professional help is never wrong. There are rehabilitation centers that focus in gambling addiction treatment. You may visit a therapist who can help you recondition your mind to erase the urge to gamble.

Pay Off Your Debts

If you already have loans, pay off everything. However, paying it all at once would be easier by finding a second job to support your payback process. 

It will also be reasonable for you to learn how to create a budget. By limiting yourself, you will be managing your finances much easier.

But if you cannot find yourself sticking to your budget, you should let your family manage your money while you are still in the rehabilitation process.

Conclusion

Gambling debt can be a pain in the a** since it could financially change a person. That is why it is crucial to practice self-control and self-exclusion to avoid acquiring these unnecessary loans. Always remember to play responsibly to keep your wallet and mental health healthy!

Read more: How to Gift your Sports Bettor Friends