PAGCOR OKAYS PHILWEB ONLINE COCKFIGHT BETTING SYSTEM
MANILA, March 3, 2005 (STAR) By Zinnia B. Dela Peña - The state-owned Philippine Amusement and Gaming Corp. (Pagcor) has approved the implementation of the country’s first Internet-based cockfight betting system.
Dubbed TeleSabong, it is the latest online betting game offered by Pagcor and listed Internet gaming company Philweb Corp.
The implementation of Telesabong, according to Pagcor vice-president Rene Figueroa, is intended to maximize the revenue generating potential of its Internet service operation with Philweb as technical and marketing consultant.
The online betting formats follow the traditional cockfighting formats such as Singles, Parlays, and Pick the Derby Champion.
Philweb said TeleSabong is expected to generate P60 billion in betting revenues a year. There are currently around 1,700 cockpits nationwide.
TeleSabong is an online betting system where the game results are based on an outcome or series of outcome of a four-cock-derby.
Wagers can place their bets either through their online connections or through Pagcor’s Internet sports betting stations.
As of end-Dec. 2003, Philweb said it has 312 operational betting stations nationwide.
In 2002, Philweb was appointed the exclusive partner of Next Generation Inc., an Antigua-based gaming company specializing in sports-based Internet, including NBA basketball games, European football, and other international sports betting.
In May 2003, Philweb and Pagcor launched Basketball Jackpot, a betting game based on the scores of local and international basketball games.
In March last year, Pagcor had given Philweb license to operate an online casino. Philweb started as an Internet service provider (ISP) four years ago. In 2003, it exited from the ISP business and focused on Internet gaming.
Reported by: Sol Jose Vanzi
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