Key Moments:
- The Philippine Amusement and Gaming Corporation revoked One Visaya Gaming Corporation’s B2C licence less than three months after its Cebu City live casino studio launch.
- This regulatory action, attributed to know-your-customer violations, requires OVG to close the Bigwin29 casino site by 8 October 2025.
- Shares in OVG dropped nearly six percent after the announcement, with an observed 4.5 percent decline at 11.08 A.M. in Stockholm.
Regulatory Action and Market Response
Philippines-based One Visaya Gaming Corporation (OVG) experienced a significant regulatory setback as the Philippine Amusement and Gaming Corporation (PAGCOR) revoked its business-to-consumer (B2C) operating licence. This development occurred less than three months after OVG inaugurated its live casino studio in Cebu City through a partnership with Sweden’s Evolution. OVG’s B2C licence loss stemmed from violations related to know-your-customer (KYC) obligations intended to confirm player identities and counteract fraud and money laundering.
As a direct consequence, OVG must shut down its Bigwin29 casino platform by 8 October 2025 and discontinue all gaming services offered via the site. Markets responded swiftly, with OVG shares plunging nearly six percent following the news. At 11.08 A.M. in Stockholm, shares had fallen 4.5 percent, reflecting investor unease regarding regulatory uncertainties.
The usual regulatory headaches with online gambling.$EVO partner »One Visaya« for the Philippines studio got their »B2C licence« revoked.
However this is totally unrelated to Evolution but a KYC dispute for the partner‘s own gambling website.
The B2B license isn’t affected. pic.twitter.com/SkkHXrPglN
— Chud Capital (@FaustFund) October 2, 2025
Impact on Evolution and OVG
While OVG’s B2C licence was rescinded, its business-to-business (B2B) authorization remains intact, leaving the Cebu City live studio operational and continuing to stream games such as blackjack and baccarat to operators worldwide. For Evolution, the Swedish provider that launched its first Asian live casino studio through this partnership, the regulatory blow disrupts a significant component of its planned regional push. However, Evolution stressed that B2C and B2B licenses operate separately and affirmed that no issues were affecting the studio itself. “The B2C and B2B licences are fully independent from each other, and there is no issue with the studio,” said Evolution spokesperson Adrian Westman.
PAGCOR further indicated it is still reviewing whether OVG faces any outstanding financial responsibilities as a result of the licence revocation.
Compliance and Market Scrutiny
Evolution underlined that its arrangement with OVG was a crucial move towards providing “localised, fully compliant entertainment tailored to regional markets,” highlighting robust due diligence and compliance protocols for all its business partners. The regulator’s decision emerges during a period of increased scrutiny for Evolution’s global operations. In August 2025, court documents revealed references to instances of Evolution game access from territories such as China, Iran, and Sudan, despite these being restricted markets. Evolution has reiterated its disinterest in sanctioned regions and its reliance on sophisticated systems to prevent unauthorized participation.
Next Steps and Future Outlook
With the B2C licence terminated, Evolution and other providers must halt games to the Bigwin29 site. However, OVG retains its B2B licence, enabling continued operations of its Cebu City live studio for outside partners. Although OVG holds the right to appeal PAGCOR’s measure, the company has not issued any statements regarding its intentions or next steps.
The partnership had represented Evolution’s entry point for live casino services in Asia, underpinning broader ambitions across regional markets. Now, the restriction on B2C operations serves as a cautionary tale for both companies and investors as they weigh the complexities of compliance and regulatory exposure. Analysts warn that the event may hinder Evolution’s ability to accelerate its growth within the Asia-Pacific online gambling landscape.
As financial strategies remain unresolved, Evolution is expected to prioritize compliance and risk management, striving to reinforce trust with regulators and international collaborators.
| Company | Exchange | Event Impact | Share Movement |
|---|---|---|---|
| One Visaya Gaming Corporation (OVG) | — | B2C licence revoked by PAGCOR; must close Bigwin29 by 8 October 2025 | Shares fell nearly six percent; down 4.5 percent at 11.08 A.M. in Stockholm |
| Evolution | — | Partnership with OVG disrupted; B2B licence and live studio unaffected | No specific market reaction disclosed |
- Author
Daniel Williams
