Business
Gambling Giant Cashes Out
188Bet ceased its UK and Ireland operations in 2019 to focus on the Asian market.
An online gambling firm is surrendering its Isle of Man license and moving operations to the Philippines.
188Bet is currently operated by Cube Limited and licensed by the Isle of Man Gambling Supervision Commission.
In an email sent to customers, the company said it would be surrendering its Isle of Man license from 19 March and will instead be ‘operated by a new Philippine-based company, BestCommerce Corporation, which is licensed and regulated by the Philippine Amusement and Gaming Corp’.
An article on Asia Gaming Brief, written by islander Frank Schuengel, a veteran of the gambling industry, said: ‘188BET has held its current Isle of Man license since 2007 and was one of the first Asian bookmakers to set up its corporate headquarter on the British island. It previously employed traders and support staff at its original office in the capital city of Douglas, before scaling down on-island operations to only cover regulatory and compliance matters.
188Bet ceased its UK and Ireland operations in 2019 to focus on the Asian market.
