Jade SportsBet gets Pagcor nod for Philippines restart

Jun 26, 2024 Newsdesk Latest News, Philippines, Top of the deck  

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Online wagering platform Jade SportsBet has had the suspension order on its Philippines operation lifted, according to a Tuesday (June 25) letter issued by that country’s regulator and which has been seen by GGRAsia.

Jade SportsBet is a product of Philippines-based Jade Entertainment and Gaming Technologies Inc, a firm founded by gaming entrepreneur Joe Pisano.

He told GGRAsia on Tuesday: “Jade SportsBet [has] been given the go ahead for reactivation.”

As of Wednesday morning, the site – when accessed via the Philippines – still had an advisory notice indicating the system was under maintenance, and that “player transaction” activity was “currently unavailable”.

Tuesday’s letter from the electronic gaming licensing department of the Philippine Amusement and Gaming Corp (Pagcor) stated: “Jade [Technologies] has fully settled its outstanding cash bond as a service provider for the sports betting system of its online gaming platform.”

It added the communication was a follow up on a notice it had sent Jade Gaming on May 21 regarding suspension of Jade SportsBet operations in the Philippines.

On May 24 Mr Pisano had confirmed to GGRAsia that Jade Gaming had been due to pay a cash bond balance of PHP10 million (US$170,081) to Pagcor by May 19, but that the deadline had been missed.

At the time, Mr Pisano had said he expected the payment to be effected in circa seven days.

Pagcor’s Tuesday letter said that “Jade is now compliant” with the performance cash deposit requirement under the “Regulatory Framework for the Accreditation of Service Providers and Processing of System-related Requests”.

The letter added: “Accordingly, please be informed that the suspension of operations of Jade SportsBet is hereby lifted effective immediately.”

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