Philippines-based Jade Entertainment and Gaming Technologies has suspended the operations of its Jade Sportsbet brand after failing to pay mandatory fees to gaming regulator PAGCOR.
The company posted an advisory on its website on Wednesday notifying customers that Jade Sportsbet was undergoing “system maintenance” and that player transactions were temporarily unavailable. IAG understands that Jade’s physical sportsbooks also stopped accepting bets mid-shift on Wednesday with staff told not to report back for duty until 1 June.
PAGCOR confirmed in response to questions from IAG that it had given notice to Jade to cease trading due to falling behind on certain fees.
However, Jade Entertainment CEO Joe Pisano said he expects the company’s sportsbook to be back online soon, revealing the suspension relates to a recent Php10 million (US$171,750) increase in the cash bond required for sports betting from Php15 million (US$257,630) to Php25 million (US$429,380). Jade had missed the original 19 May deadline for payment.
“We will drop off the additional bond next week and should be back online shortly after,” Pisano said.
Jade is one of 22 companies currently listed on the PAGCOR website that are licensed to operate sports betting in the Philippines.
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