Jade SportsBet, an online wagering platform operated by Jade Entertainment and Gaming Technologies Inc., has successfully lifted the suspension on its operations in the Philippines. This development comes after the Philippine Amusement and Gaming Corp (Pagcor) issued a letter confirming the platform’s reactivation.
Regulatory compliance and resolution:
According to the communication from Pagcor’s electronic gaming licensing department, Jade SportsBet has resolved all outstanding issues, including settling its cash bond as mandated under Pagcor’s regulatory framework for gaming service providers. The process follows an initial suspension notice sent to Jade Gaming on May 21 due to non-compliance with financial obligations.
As GGRAsia reports, Joe Pisano, founder of Jade Entertainment and Gaming Technologies Inc., confirmed the platform’s reinstatement to GGRAsia, stating, “Jade SportsBet [has] been given the go ahead for reactivation.”
Despite the lifting of the suspension, as of Wednesday morning, accessing Jade SportsBet via the Philippines continued to display an advisory notice indicating ongoing system maintenance. The notice informed users that “player transaction” activities were temporarily unavailable, suggesting ongoing backend adjustments post-reactivation approval to ensure smooth operations.
Financial compliance journey:
The initial suspension stemmed from Jade Gaming’s failure to meet a financial deadline set by Pagcor. Specifically, Jade Gaming was required to settle a cash bond balance of PHP10 million (US$170,081) by May 19. Although the deadline was initially missed, subsequent efforts resulted in compliance, meeting Pagcor’s stipulated requirements for operational reinstatement.
Pagcor’s official letter confirmed Jade SportsBet’s fulfillment of the necessary financial obligations, thereby lifting the suspension with immediate effect. The regulatory body emphasized its commitment to enforcing the “Regulatory Framework for the Accreditation of Service Providers and Processing of System-related Requests,” ensuring robust adherence to industry standards and operational integrity across all licensed entities.
The reinstatement of Jade SportsBet’s operations in the Philippines signifies a significant milestone for Jade Entertainment and Gaming Technologies Inc. Following regulatory compliance, the platform is now poised to resume full operational capacity, continuing to provide its suite of services in the dynamic Philippine market. The company’s successful resolution of regulatory matters underscores its dedication to maintaining high standards of compliance and operational excellence in the gaming sector.
Jade SportsBet’s return to operational status in the Philippines highlights the resilience and commitment of Jade Entertainment and Gaming Technologies Inc. to navigate regulatory challenges effectively. With the suspension lifted and regulatory compliance achieved, the platform is well-positioned to serve its customers while adhering to the strict regulatory framework set forth by Pagcor. As the company moves forward, it remains focused on sustaining operational integrity and enhancing customer experiences in the evolving landscape of online gaming.
