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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
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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.

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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.

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