PAGCOR Shuts Jade Sportsbet Down Over Unpaid Fees

Jade Entertainment and Gaming Technologies, a Philippines-based gaming and betting operator, has been forced to shut down the operations of its sports betting brand. This development was the result of Jade Sportsbet missing the deadline to pay its mandatory fees.

Inside Asian Gaming (IAG) reported that the Philippine Amusement and Gaming Corporation (PAGCOR), a body that regulates gambling in the Asian country, has confirmed that this is the case. The authority explained that it had given notice to Jade Entertainment and Gaming Technologies to cease the activities of its Jade Sportsbet brand due to the missed fees.

As of Wednesday, Jade’s official website included a special notification that informed customers that Jade Sportsbet was undergoing “system maintenance.” As a result, player transactions were made unavailable.

According to IAG, Jade’s land-based sportsbooks also stopped taking bets mid-shift on Wednesday. The news outlet also understood that sportsbook employees were told not to report back for duty until June 1.

The Operator’s Brand Should Be Back by June 1

Later, Jade Entertainment’s chief executive officer, Joe Pisano, confirmed that the suspension relates to a recent increase in the cash bond required for sports betting. Whereas operators previously had to pay approximately $260,000, they now have to pay a cash bond equivalent to roughly $430,000.

Pisano noted that Jade had to pay this fee by May 19, which it failed to do.

However, Pisano is certain that Jade Sportsbook will be back in business soon. He said that his company would drop off the additional bond next week and should be back online shortly after that.

In other news, the PAGCOR recently appointed attorney Wilma Eisma as the first woman president and chief operating officer in its history. The government-owned corporation welcomed the new COO, praising her vast experience and robust expertise.

In other Philippines-related news, International Entertainment Corporation (IEC) recently announced that it has begun its operation of the casino at its New Coast Hotel property in Manila. The company took over full casino operations from the PAGCOR on May 11, in line with its plan to turn the property into a proper integrated resort.