Jade Sports Bet Pause On Philippine Managers Issue

Jade Sports Bet Pause On Philippine Managers Issue

Blog Article

Philippines-based Jade Entertainment and Gaming Technologies Inc has temporarily suspended online betting operations in the Philippines after missing a deadline to pay mandatory fees to Philippine regulator Pagcor.

Joe Pisano, chief executive of Jade Entertainment, said in comments to GGRAsia that the brand said the suspension of Jade Sportsbet operations in the country was considered an administrative matter and should be resolved within about seven days and does not affect operations in other markets. He added that the brand's "Jade Fantasy Cricket" product had just been launched in Sri Lanka.

Mr Pisano confirmed the Philippines suspension for missing the deadline to pay cash bonds to Pagcor.

"We signed a $15 million PHP [$257,500] cash bond and two years later Pagcor increased it to $25 million PHP and we had until May 19 to pay an additional $10 million PHP," he said

Jade Sportsbet holds a Pagcor license to serve domestic customers in the Philippines. The brand announced approval of the service from Pagcor in August 2021.

An advisory notice on the Jade Sportsbet website says the platform is "doing scheduled system maintenance" and that the "player transaction" feature is "not available at this time."

"We are transferring funds from abroad and the process takes about seven days. We will pay for it and come back online," Mr Pisano told GGRAsia

CEO Jade provided an explanation for the missed deadlines. "I was working with M&A consultants in London as we were finalising funding for three business lines for the Philippines and Sri Lanka."

He added that the brand is "going to have some changes over the next few weeks."

Regarding the obligation to Pagcor, Mr Pisano said he thought "we might wait a few more weeks while we complete the financing (because it's a cash bond).

"We now live in Sri Lanka with fantasy cricket products," he said. "Sri Lanka is a much better story because IPL [Indian Premier League Cricket] has gained 420 million viewers every day."

BY: 사설경마사이트