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Sports Gambling Exchange to Hit the Philippines

Inter-active Entertainment Solutions Technologies (IEST) has been granted a license by the Philippines government to run the country’s first sports gambling exchange. The company is about to enter the sports gambling market in Asia with an investment of one billion dollars. IEST is the lucky start-up company which has been granted a license by the Philippines government to set up the first sports gambling exchange in the country.

IEST start up set to be the first to bring the legal sports gambling news to the Philippines

The company is all geared to enter the Asian sports gambling market and the investment in this maneuver is estimated at one billion dollars. Online sports gambling exchanges allow players to bet against each other on different sporting events. It cuts out the middlemen or sports bookies who match bets and decide the odds. Instead, people who bet online will set the odds.

IEST has developed a company to be called xchangebet which will facilitate the online sports gambling exchange. The company has finally been given the green light by the government and may now start advertising its sports gambling wares in the Philippines and ultimately in the whole of Asia. For several years, illegal sports gambling was rampant in the Philippines and the government finally decided to regulate and control the industry to push out the criminal elements.

People wishing to participate in the company’s sports gambling exchange activities will be required to register. The mere act of registration is the first step in uprooting illegal gambling activity from the sports betting industry.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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