eSabong shutdown affected bank (Sabong News)
Author
MB Business
Date
SEPTEMBER 07 2022
The highly controversial shutdown of online cockfighting or eSabong has also affected financial institutions as the country lost an estimated P5 billions of potential revenue for the year 2022.
Money like these typically goes through accredited banks like the Philippine Business Bank as they have partnerships with gaming centers since they also need to remit the money to the Philippine Amusement and Gaming Corporation for their cut.
PBB President, Mr. Roland Avante, an expert banker with over 30 years of experience, noted that while they are prepared for the withdrawal of a major client, as a financial institution, they also felt the $1 billion industry shutdown’s effects.
Avante said that while eSabong is still in operation, the game helped some of its branches expand with the income that it brings which piles up.
Though, Avante said that they only treat eSabong clients just like any other client as they are still a business that serves the needy.
He also said that he hopes that the game will get a second chance as it brings money to the government. “Everybody has to be given a second chance… As we all know, it is up… [to] the government to take a look at it [eSabong].” Avante said that the government should take a look at the possible return of eSabong as it can also be income generating stream especially when the country is recovering from the pandemic. He said that the country should muster every resource we can get as the eSabong generates billions in government taxes each year.
“We are running an economy that needs all the funding that it can get especially now that we are still existing amid the pandemic and we all know that the funds needed by the government to be able to sustain its support to the people,” Avante said.
“If we are talking about P7 to 8 billion in possible taxes that can help the government, then it is worth considering knowing that the current situation of the government is there are a lot of expenditures that have to be done,” he added.
The banker also said that the issues surrounding eSabong should be discussed in a wider context as it has an entire ecosystem running it from banks, operators, and bettors.
He also admitted that close regulation needs to be implemented to address public woes regarding the game.
According to the Philippine Amusement and Gaming Corporation, a total of P5 billion was lost due to the shutdown order.
The $1-billion-industry eSabong was ordered to be shut down by Former President Rodrigo Duterte after several senators appealed to the chief executive amid the issues surrounding the game.
Before its closure, it generates about P650 million per month since the start of the year 2022.
The shutdown also reportedly affected around 3.2 million Filipinos as it hit Micro and Small Enterprises like betting sites the hardest.
