We all enjoy playing games as children, and most continue to do so as adults. Popular entertainment companies like E-Bingo are popular with consumers, and there’s also the appeal of winning money when you win a game.
You must complete and comprehend some things to lawfully run an E-Bingo business if you’re interested in starting one to provide your community with more amusement.
We ask the question: how can one begin an e-bingo business? To begin an e-bingo business, you must comply with all the requirements and find a place of operation.
How To Start An E-Bingo Business?
With electronic bingo, traditional bingo games are transformed into a digital gaming experience, allowing players in various locations to participate in a game at the same time, much like it is done during Pinoy Bingo Night.
The Philippine Amusement and Gaming Corporation (PAGCOR) is a government agency that regulates owned and privately owned casinos, e-games cafes, and bingo parlors nationwide. PAGCOR has a rule that anyone who wants to own a legally operated E-Bingo business must go through the application and evaluation process.
Begin Your E-Bingo Business
You can begin your E-bingo business by the following:
- Comply with all the requirements set by governing bodies. Gambling is a regulated type of business, depending on the location where you are at. Some states profit from their industry. In addition, some regulatory bodies and requirements need to be followed.
- Prepare a business plan. A business plan is a written document that depicts goals and objectives in detail. A business plan outlines a written strategy for the company’s operations, finances, and marketing. Both startups and established companies utilize business plans.
- Find a location that fits the requirements for an e-bingo venue. For a more efficient business operation, ensure you properly read and comprehend the rules and penalties. Regarding location, it is a good idea to find somewhere that fulfills the requirements.
Requirements
What Does An E-Bingo Business Entail?
An E-Bingo business entails the following:
- Business plan
- Company profile
- SEC Registration
- The latest General Information Sheet (GIS) is duly stamped and received by the SEC. If a stockholder is also a corporation, they should submit a copy of the latest GIS of said corporation.
- Articles of Incorporation, By-Laws duly stamped received by SEC: Articles of Incorporation depict that gaming is one of its primary purpose of business; if the secondary purpose, a copy of the Board’s Ratification Vote.
- Original bank certification [it must have a minimum of THREE MILLION PESOS (PHP 3,000,000.00) per game offering under the Applicant company’s name
- Copy of ITR of the company (duly filed with the BIR) for the previous year – for existing incorporated corporations.
- Written disclosure of the events that have occurred during the past five (5) years up to the current date. That is material to an evaluation of the ability or integrity of any director or a shareholder of the Applicant:
- Written disclosure of relatives in PAGCOR or other government agencies up to the 4th civil degree of consanguinity or affinity
- Sworn undertaking that Applicant will abide by existing labor laws, including regularizing all contractual employees working for more than six (6) months as well as the payment of minimum wages and the benefits mandated under labor laws
- Sworn certification that the gaming site has complied/will comply with the required Performance Cash Deposit and Initial Betting Fund.
Wrapping Up
Starting an e-bingo business can be fun – although it has plenty of requirements. However, all the hassle you will encounter will be worth it because you will not only comply with legalities, but also provide amusement and bonding to those who will play bingo at your establishment.