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POSC expands into e-casino biz
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POSC expands into e-casino biz

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Pacific Online Systems Corp. (POSC) is betting on the online gaming business following its P150-million investment in a software service provider for electronic gaming platforms.

In a stock exchange filing on Thursday, the Willy Ocier-led firm said it had inked an investment agreement with HHR Philippines Inc. (HHRPI) to acquire a 37.5-percent stake in the latter.

This is equivalent to 81,000 common shares, and the total amount will be paid in tranches, according to POSC.

“Through this investment in HHRPI, the corporation will be expanding its presence in the online gaming business through a company licensed by Pagcor (Philippine Amusement and Gaming Corp.),” POSC said in its disclosure.

The company noted that HHRPI was a software and professional service provider of e-gaming platforms for land-based and online gaming operators. HHR likewise holds a Pagcor gaming license for online gaming under the “Buenas” brand.

“The new capital to be infused by the corporation into HHRPI, on the other hand, will be utilized by the latter to fund its expansion activities,” POSC added.

Last June, the Philippine Charity Sweepstakes Office (PCSO) awarded the P4.1-billion contract to operate its e-lotto platform to POSC.

E-lotto agent

PCSO’s special bids and awards committee declared the company the “single calculated and responsive bid” for the project.

In August 2023, POSC signed an agreement with the PCSO to create a “web-based application betting platform.” The memorandum of agreement covered a one-year trial period, during which POSC would be PCSO’s exclusive agent.

The betting platform was launched on Dec. 15, 2023, and offered “traditional lottery games to the playing public on the go.”

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POSC’s earnings in the first nine months of 2024 plunged by 98 percent to P3.8 million due to a significant increase in expenses.

This was on the back of major transitions at PinoyLotto Technologies Corp., its joint venture with Philippine Gaming Management Corp. and International Lottery Totalizator Systems.

POSC had shifted from its legacy system to the nationwide online lottery system for PCSO, resulting in a 33-percent increase in expenses to P360.5 million.

This also dragged the company’s revenues during the period in review by 17 percent to P388.4 million.


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