Online betting on cockfights or usually called e-Sabong has been illegal in the Philippines since May. And the country has missed out on potential revenue of US$87.65 million, approximately around RM 282,075,326.
One of the last measures Rodrigo Duterte enacted as president of the Philippines before handing over control to his successor was to ban e-sabong, online betting on cockfights.
e-Sabong was a big business for the Philippines, which was part of the reason Duterte originally permitted it. However, after several participants disappeared and people started selling their babies to pay their debts, he pulled the plug.
But the Chairman, President & Chief Executive Officer of Philippine Business Bank (PBP) – Roland Avante, has come out in support of reinstating e-Sabong. He recently stated that the loss of e-Sabong puts a strain on the country as it continues to rebound from COVID-19.
When e-Sabong was legal, revenue from the activity made its way to banks, including the PBP. Financial institutions partnered with gaming operators to facilitate their financial transactions, of which a percentage also went to the Philippine Amusement and Gaming Corporation (PAGCOR).
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