Editing Online Gambling (section)

=====More Profits, Revenues, Tax Payments and Better Economic Growth=====

:Internet gambling represents a very large potentially untapped market in our country. Recent news report that online gambling companies enjoyed their best year in 2008, posting healthy revenue and profit increases despite the fiscal crisis and slowing world economy. A rational reason why Filipinos embrace the gambling tradition so much is poverty. The win of a gamble can blind a prospective gambler because it promises fast and easy money. It is because of this false hope that the future of online gambling in the Philippine society continues to be promising. 

:According to Dennis Valdes, the President of PhilWeb Corporation, “The company did not only sustain its meteoric growth of 2007, it actually accelerated that growth last year.” As a result PhilWeb Revenue totaled P457.2 million in 2008, 71% higher than the previous year. Net income increased more than half and this is driven by the excellent growth in the company’s investment in the market of Internet gambling gaming business. This revenue growth was fueled by the operations of PAGCOR’s e-game cafés coupled with the Filipino’s enthusiastic response to sports betting games and mobile gaming operations. With this continuing trend, there is optimism that this growth would accelerate in 2009 especially with the introduction of newer and more updated games.