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Casino Plus reaffirms $16M surety bond as Filipinos tighten spending

Posted on by Admin VietNamGaming

01-10-2020 |  

Philippine online gaming brand Casino Plus has reaffirmed its PHP1 billion ($16.2 million) surety bond for player protection, citing growing financial caution among Filipino consumers amid economic headwinds.

In a statement issued on Monday, Casino Plus chief executive Evan Spytma said the bond demonstrated the company’s commitment to safeguarding players. “We understand that Filipinos are being more careful about where their money goes,” he said. “Our PHP1 billion surety bond is proof that we take player protection seriously. It reflects our commitment to operating with financial discipline, transparency, and accountability.”

The bond, backed by Philippines First Insurance Company Inc (PhilFirst Insurance), was launched last year to provide coverage for confirmed deposits and verified balances, according to The Manila Times. BusinessWorld reported, however, that the company did not disclose specific terms governing the bond, including the extent of coverage for player claims or operational liabilities.

Casino Plus said the surety bond forms part of a broader compliance framework that includes know-your-customer verification, customer support systems, and responsible gaming measures required under Philippine Amusement and Gaming Corp (PAGCOR) regulations.

Spytma also stressed the importance of responsible play. “Entertainment should light up a moment, not consume a life,” he said, adding that “control is as important as enjoying the moment.”

The company reminded the public that gaming should not be regarded as a source of income or financial relief, as outcomes are determined by chance.

Source: AGBrief

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