PAGCOR approves of remote wagers
Macau may frown on proxy betting, but the practice is alive and well in Manila.
According to GGRAsia, Morgan Stanley Research Asia Pacific reports that proxy bets, which are placed via phone by players who are not physically present in the casino, is growing rapidly in casinos in Manila, the capital of the Philippines.
“Proxy betting has been growing rapidly in Manila, which is supported by PAGCOR (gaming regulator Philippine Amusement and Gaming Corp.),” said a note from Morgan Stanley analysts Praveen Choudhary, Alex Poon and Thomas Allen. “It could represent as much as 50 percent of VIP revenue in Manila, versus 5 percent to 10 percent in Macau.”
Last year, Sands China banned telephone bets in VIP rooms in Macau, and others may have followed suit. According to Morgan Stanley, Wynn Macau shut down proxy bets in the fourth quarter but brought it back “to cushion the decline.”
An industry source said a major concern about telephone betting potentially breaks the “know your customer” protocol, which is especially important in Macau since the crackdown on money laundering.
VIPs may be feeling skittish in the wake of statements attributed to Li Gang, director of the Central People’s Government Liaison Office in Macau, warning Chinese officials that they are being watched in Macau. “As the crackdown on graft is stepped up, some corrupt officials?including executives of some state-owned enterprises?now dare not go to Macau to gamble,” Li said. “Moreover, because of measures taken by Macau’s gambling industry, if such officials go gambling in Macau, they will be discovered.”
Morgan Stanley says Chinese junkets are now drawing more customers to destinations outside Macau, including South Korea, Australia, the Philippines and Cambodia.
