• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 1 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Leading junket OkBet suddenly shuts down operations, closes all Philippines VIP Clubs

Andrew W Scott and Ben Blaschke by Andrew W Scott and Ben Blaschke
Thu 17 Aug 2023 at 16:34
Leading junket OkBet suddenly shuts down operations, closes all Philippines VIP Clubs
282
SHARES
7.1k
VIEWS
Print Friendly, PDF & Email

Leading junket and online gaming operator OKBet Infinity Inc has without warning shut up shop and closed down all of its Philippines VIP rooms.

In a statement seen by Inside Asian Gaming, the company – operating as OKBet VIP Club – said its Board of Directors had determined to cease all operations as of the end of business hours on 15 August 2023 and was currently making “necessary arrangements regarding guest/patron accounts”. These preparations would be finalized “on or before” 31 August 2023, it added.

OKBet, which is said to be based out of Hong Kong, had run VIP rooms in multiple Philippines integrated resorts including Okada Manila, Newport World Resorts, City of Dreams Manila, Hann Casino Resort and NUSTAR, offering both land-based junket and proxy betting services.

A number of those operators confirmed to IAG that OKBet had closed their rooms in recent days, while IAG is aware there was a run on funds earlier in the week with players queuing up at OKBet VIP rooms in Manila looking to withdraw their funds. In its statement, OKBet said its Okada office will remain open to address any inquiries, adding, “Our aim is to ensure a seamless withdrawal of funds for all our valued patrons.”

While the company did not outline the reasons for its sudden closure, a source alleged that the events are related to the arrest this week of 10 people in Singapore for alleged involvement in forgery, money laundering and resistance to lawful apprehension.

The Singapore Police Force said that the arrests were made after it received information of possible illicit activities including the use of suspected forged documents that were used to substantiate the source of funds in Singapore bank accounts.

“Through extensive investigations and follow-up from intelligence – including the analysis of Suspicious Transaction Reports (STRs) – the Police identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling,” the police said.

Cash and assets worth more than SG$1 billion were seized from the 10 arrested foreign nationals.

The 10 people arrested, none of whom are Singapore Citizens or Permanent Residents, are aged between 31 and 44, while another 12 people are said to be assisting with the investigation and eight more still wanted by police.

According to a Singapore Police Force statement, the group’s combined assets total more than SG$1 billion, including 94 properties and 50 vehicles with an estimated value of SG$815 million and against which prohibition of disposal orders have been issued. Police also seized more than 35 related bank accounts with a total estimated balance of more than SG$110 million, plus SG$23 million in cash in various currencies, over 120 electronic devices, 250 designer watches and handbags, 270 pieces of jewelry, two gold bars and 11 documents with information on virtual assets.

The 10 people taken into custody include three Chinese nationals, three from Cambodia, two from Cyprus and one each from Turkey and Vanuatu. All but one of the Chinese nationals is male.

IAG has observed claims that one of those arrested is “OKBet’s top executive” although this has yet to be verified. A Singapore Police Force spokesperson said they were unable to comment on any such links as the investigation was ongoing.

IAG has also reached out to Philippines gaming regulator PAGCOR for comment.

RelatedPosts

Suncity Group closes all Macau VIP Clubs following Alvin Chau arrest

End of an era: Suncity junket business now officially closed

Sat 11 Dec 2021 at 15:20
Suncity Group closes all Macau VIP Clubs following Alvin Chau arrest

Suncity Group closes all Macau VIP Clubs following Alvin Chau arrest

Wed 1 Dec 2021 at 04:03
Suncity VIP Club announces sweeping indemnities from independent fiscal reserve to protect shareholders from impact of COVID-19

Suncity to close all but two Macau VIP clubs from midnight tonight

Tue 30 Nov 2021 at 21:25
Macau Secretary for Economy and Finance confirms IVS resumption is part of government’s phased reopening plans

Currently 77 VIP Clubs in Macau, VIP contraction an “inevitable reality” says Secretary

Fri 29 Jan 2021 at 05:21
Load More
Tags: OkBetVIP Clubs
Share113Share20
Andrew W Scott and Ben Blaschke

Andrew W Scott and Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Born in Australia, Andrew is a gaming industry expert and media publisher, commentator and journalist who moved to Hong Kong in 2005 and then Macau in 2009, when he founded O MEDIA, one of Macau’s largest media companies and parent company of Inside Asian Gaming.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English