SEC combats online gambling addiction

SEC combats online gambling addiction | Daily Tribune

Online gambling has rapidly shifted from casinos to smartphones, becoming a serious concern in the Philippines.

Fueled by mobile apps and social media advertisements, access to gambling platforms has never been easier.

Unfortunately, this accessibility has made young adults and low-income individuals specially vulnerable to gambling addiction.

The consequences are severe: families break apart, savings are wiped out, mental health deteriorates, and illegal operators profit without accountability.

Many of these platforms are operated by offshore entities that are neither licensed nor regulated under Philippine law.

Disguised as legitimate fintech companies, e-sports apps, or casual gaming platforms, these operators target Filipino users through streaming and aggressive online promotions.

They exploit legal loopholes and digital tools such as VPNs and cryptocurrencies to evade enforcement.

Worse, many Filipinos cannot distinguish between legal and illegal gambling, making them susceptible to fraud, data theft, and long-term financial harm.

Recognizing the urgency of this issue, the Securities and Exchange Commission (SEC) is taking a more proactive role.

It is cracking down on companies that use its registration as a front for illegal gambling schemes.

The Commission has begun issuing public warnings against unregistered and deceptive entities.

It is also conducting license audits to uncover companies misrepresenting themselves as fintech or gaming firms while engaging in online gambling operations.

The SEC must coordinate with the Anti-Money Laundering Council (AMLC) to trace suspicious fund flows, especially those linked to digital wallets and cryptocurrencies.

It must also propose barring companies associated with illegal gambling from raising capital or listing on Philippine markets.

For land-based operators, the SEC supports strict Know-Your-Customer (KYC) protocols, including valid IDs, a minimum age of 21, and financial thresholds to prevent irresponsible gaming.

For internet-based platforms, there must be a minimum safeguard of facial recognition for KYC, a minimum deposit of ₱20,000, and a minimum play-in of ₱5,000 to deter underage and impulsive participation.

The SEC must also push for a multi-agency strategy. It must coordinate with PAGCOR to tighten licensing and blacklist illegal websites; with the DICT and NTC to block gambling domains and apps; with the DoJ and Bureau of Immigration to deport foreign operators; and with the BSP to monitor suspicious financial transactions.

It also supports the integration of gambling awareness in the educational curriculum through DepEd and CHEd.

To strengthen enforcement, the SEC advocates the use of digital tools: AI-powered web crawlers, real-time app monitoring, and partnerships with social media platforms to remove illegal gambling content.

A digital reporting hotline will allow the public to anonymously report suspicious activities.

In parallel, public education and rehabilitation are essential. A national “Gamble Responsibly” campaign, 24/7 helplines, school seminars, and workplace programs are key initiatives to curb addiction and support recovery.

Through cross-agency partnerships, smarter enforcement, and public awareness, the SEC aims to dismantle the digital ecosystem sustaining illegal gambling and protect Filipinos from its devastating impact. It is a necessary step toward a safer, more secure digital future.