Philippines casinos enjoy booming revenues welcoming Chinese players
Online gambling has become a huge deal in China recently. With gambling being illegal in China, mainland Chinese players have resorted to offshore casinos of Philippines and subsequently helped them score new record-breaking gambling revenues.
According to the LA Times, Philippines has managed to increase its gambling revenues to the point that it has now become one of the most valuable gambling areas in the world. With Macau as the leading destination and Singapore just behind it, Philippines has managed to quadruple its revenues to $4 billion and stands in third place.
China has declared all forms of gambling illegal, except state lotteries. As Macau, formerly a European colony, is one of just two areas that offers legal gambling, it attracts a huge number of Chinese customers from the mainland who are gambling enthusiasts. With incredible revenues of more than $30 billion, Macau is a model that the Philippines have attempted to copy. With gambling tax revenues covering more than 80% of what Macau brings in, Philippines too is aiming for similar success.
By bringing in luxury venues such as the Solaire Resort and Casino, the Philippines have made themselves open to Chinese players with large bankrolls. Because the venues combine a casino with a luxury resort, Chinese players now have an incentive to combine a fun vacation with gambling, a clever step-up from Macau.
With the number of Chinese visitors doubling year on year, it has helped to increase gambling revenues for the Philippines to record numbers. It currently brings in more money for the Philippines government than any other sectors except for customs and taxes.
Offshore online casinos
Of course, travelling is not always a solution for gambling enthusiasts in China. While a traditional online casino may not be available due to the Chinese government banning access to them, proxy betting has become a popular way around this issue. With proxy betting, Chinese players have an associate who will place wagers inside the casino for them while they use voice chat software to keep up with the action.
Many countries have banned proxy betting due to potential security risks, however, it has given the Philippines a huge increase in terms of revenues and the number of workers who have travelled overseas. Due to proxy betting, more and more casinos are hiring Chinese workers in order to offer support to Chinese clients by eliminating any language barrier.
Price of living
Due to the influx of money into the region, there has been a steady increase in property prices. Following suit, it has also increased the price of living. However, while the casino industry is healthy, it is offset by an increase in wages. Because the popularity of casinos is continually on the rise, some casino companies are willing to entice the right candidate with their rent paid for a full year if they move to work for them.
Despite many countries feeling that foreign workers coming over is a negative aftermath, the Philippines have embraced the influx of Chinese workers and see it as the Philippines becoming more welcoming to the outside world.