E-lotto operator POSC flip-flops on online gaming plans
Pacific Online Systems Corp. (POSC) is hitting the brakes on its pursuit of an e-casino business just two months after investing in a software service provider for electronic gaming platforms.
Willy Ocier, chair and director of POSC, told reporters on Wednesday they were “rethinking” their strategy of entering the industry currently dominated by DigiPlus Interactive Corp.
This is mainly because of the government push to reassess the Philippine inland gaming operator (Pigo) scene, according to Ocier.
“We’re rethinking it. If there’s that uncertainty … we’re not that aggressive on it,” he said on the sidelines of SM Investments Corp.’s annual stockholders meeting. Ocier is chair of Belle Corp., the conglomerate’s portfolio company engaged in gaming and entertainment.
Senate President Francis Escudero in March called for a review of Pigos, which includes DigiPlus and Bloomberry Resorts Corp. These companies are among the 44 Pigo licensees as of June last year, according to the Philippine Amusement and Gaming Corp. (Pagcor).
In January, POSC inked an agreement with HHR Philippines Inc. (HHRPI) to acquire a 37.5-percent stake in the latter for P150 million. This is equivalent to 81,000 common shares.
‘Get our feet wet’
HHRPI currently holds a license from Pagcor for online gaming under the “Buenas” brand. It is also a software and professional service provider of e-gaming platforms for land-based and online gaming operators.
In pursuing an online gaming business, Ocier said, “We wanted to get our feet wet. Just to get a feel of it.”
He admitted, however, that they may not have the capacity to compete with existing operators, especially DigiPlus, which launched its online bingo platform in 2022. As of last year, DigiPlus had 40 million registered users.
“I’m happy where I am,” Ocier said, adding that they had no plans of increasing their stake in HHRPI.
Last June, POSC won the P4.1-billion contract to operate the e-lotto platform of the Philippine Charity and Sweepstakes Office (PCSO). The company was appointed PCSO’s exclusive agent to create a “web-based application betting platform.”
To help reduce poverty, send more agri products abroad