Philippine telecom invests in Internet gaming firm

EPLDT, the IT subsidiary of telecom giant Philippine Long Distance Telephone Company, announced Wednesday it has invested P502.4 million (US$9.8 million) in publicly-listed firm PhilWeb Corp.

The amount equates to a 20 percent stake at PhilWeb at two centavos per share, PLDT said in a statement. ePLDT is also entitled to three seats in PhilWeb’s 15-man board of directors.

PhilWeb is a niche player in Internet gaming and is licensed by the Philippine Amusement and Gaming Corporation (PAGCOR). The company operates more than 200 Internet Sports Betting stations and more than 40 Internet casino stations nationwide.

PhilWeb is expected to boosts PLDT’s gaming content offering in its fixed line and mobile broadband business, the latter through wireless subsidiary Smart Communications.

According to PLDT, PhilWeb’s business relies heavily on the extensive use of the former’s telecommunications networks to sustain its substantial service revenue and profit growths consistent with the anticipated growth of the total gaming industry.

PLDT said PhilWeb completes ePLDT’s strategy to invest in compelling online gaming content, after having made previous investments in online gaming companies Level Up Philippines, Inc. and netGames Inc.

Additionally, ePLDT plans to assist PhilWeb in the nationwide roll out its Internet sports betting stations and Internet casino stations, using principally the telecommunication network resources of the PLDT Group.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

Featured Articles

ADaPT connects employers with highly skilled young workers

Help wanted. That’s what many tech companies across Canada are saying, and research shows...

Unlocking Transformation: IoT and Generative AI Powered by Cloud

Amidst economic fluctuations and disruptive forces, Canadian businesses are steering through uncharted waters. To...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now