China isn’t messing around when it comes to online gambling. Considering the activity of a national security risk, the country’s now pushing hard to shut down junkets, spelling an end for online operator AG Asia Entertainment.
Reuters reports China has seized as much as 229 billion yuan ($32.95 billion) from bank accounts tied to gambling activity in recent months. The impact has been felt primarily by Macau junket operators, of course, but also online operators.
AG Asia Entertainment, an online junket operated out of the Philippines, has been forced to cease operations as a result. They notified customers to withdraw their funds by August 12.
Prior to AG Asia Entertainment closing up shop, Suncity Group had also terminated its online operations in the Philippines.
Locally, it was perceived that this could be due to the Philippines hot and cold relationship with Philippine Offshore Gambling Operators (POGOs), but speculation is now that this had more to do with China’s actions towards bank accounts.
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