Online bookmaker 188BET is closing its operations in the Isle of Man and moving its license to Philippine jurisdiction.

The move, which appears to have been in the works for some time, was announced in an email sent to all players on Friday. In it, the sports betting and casino giant notified its customers of the changes and explained the timeframe for the restructuring exercise, among other details:

“188BET is currently operated by Cube Limited and is licensed by the Isle of Man Gambling Supervision Commission (IoMGSC). Effective from 00:00:00 (GMT -4) on 19 March 2024, Cube Limited will relinquish its IoMGSC license, 188BET’s business will be operated by a new company based in the Philippines, BestCommerce Corporation, which is licensed by the Philippine government and regulated by the Philippine Amusement and Gaming Corporation (PAGCOR).”

The minimum age required by PAGCOR in the Philippines is 21 years old, and players who are under 21 or who do not wish to play under the new license may choose to close their account and have all funds returned.

188BET has held its current Isle of Man license since 2007 and was one of the first Asian bookmakers to establish its corporate headquarters on the British island. The company previously employed traders and support staff at its original office in the capital, Douglas, before downsizing its island operations to cover only regulatory and compliance matters.

During Rodrigo Duterte's presidency, the company has again moved some of its operations from its offices in Makati's central business district to a new base not far from its original offices in the Isle of Man capital. . The office is currently closing and more than 100 employees will be redeployed back to Asia. While the move back out of jurisdiction will be seen as a blow to the Isle of Man in some quarters, the private company has yet to publicly reveal the reasons behind it.

Similar jurisdictions such as the Isle of Man and Curacao are popular with operators focusing on pre-regulated markets, with a general revival in popularity in recent years. Likewise, PAGCOR has been trying to lure companies back to its shores through a new licensing framework, tax breaks and leadership changes. The return of one of Asia's largest gaming companies to the Philippines will be seen by some as a vote of confidence in the country and its gaming regulator.