DigiPlus launches P1-M surety bond program

MANILA, Philippines — DigiPlus Interactive Corp. has partnered with Philippine First Insurance Co. Inc. (PhilFirst) to launch the local online gambling industry’s first surety bond program, promising to guarantee up to P1 million per player.

In a regulatory filing on Thursday, the company led by tycoon Eusebio Tanco said the surety bond automatically applied to the deposits of all eligible players of BingoPlus, ArenaPlus and GameZone.

This means PhilFirst, also led by Tanco, will take responsibility in case DigiPlus defaults on its obligation to pay winnings to players of these games.

“DigiPlus is proud to be the first in the industry to roll out this level of consumer protection,” DigiPlus chair Tanco said in a statement. “With this surety bond, they can play confidently on BingoPlus, ArenaPlus and GameZone, knowing that their funds are safeguarded.”

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Players are not required to purchase a separate policy, as long as their electronic know-your-customer information is updated, they have made at least one successful deposit and be in good standing within the platform’s guidelines.

This comes amid mounting pressure on the local online gambling industry, which may soon face tighter regulations if lawmakers push for reforms. /dda

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