Philippines-based One Visaya Gaming Corporation (OVG) has had its business-to-consumer (B2C) license revoked by the Philippine Amusement and Gaming Corporation (PAGCOR), less than three months after launching a live casino studio in Cebu.
The revocation is due to KYC violations, forcing OVG to shut down its Bigwin29 casino website by October 8, 2025, and cease all games offered through the platform. This move also comes as a major blow to Swedish gaming company Evolution, which earlier this year partnered with OVG to open its first live casino studio in Asia. The studio, operating under a business-to-business license, allows Evolution to stream live dealer games—such as blackjack and baccarat—to operators worldwide.
While the B2B license remains valid, the loss of the B2C license limits the distribution of games through OVG's own casino platform. PAGCOR cited violations of KYC regulations, which are designed to verify player identities and prevent fraud and money laundering.
The regulator also noted that it had not yet determined whether OVG had any outstanding financial obligations. Following the announcement, OVG shares fell nearly six percent, reflecting market concerns about the sudden regulatory decision. By 11:08 AM Stockholm time, the company's shares had fallen 4.5%.
Despite the upheaval, Evolution emphasized that the studio's operations have not been affected. "B2C and B2B licenses are completely independent, and there are no issues with the studio ," said Evolution spokesperson Adrian Westman.
The company considered the deal with OVG an important step in providing "localized, fully compliant entertainment tailored to regional markets." Evolution stated that it has extensive policies, controls, and procedures in place to ensure due diligence in selecting contract partners.
The license revocation comes amid growing scrutiny of Evolution's operations in international markets. In August 2025, the company came under regulatory pressure after court documents revealed that its executives discussed accessing Evolution games from banned countries, such as China, Iran, and Sudan. Evolution maintains that it has no interest in operating in sanctioned markets and relies on advanced systems to block unauthorized access.
OVG has the right to appeal the regulator's decision , but has not yet made any public statements regarding the license revocation. In its statement, PAGCOR clearly stated that Evolution and other gaming providers can no longer supply content to the Bigwin29 platform. However, the company retains its B2B license, allowing the Cebu studio to continue broadcasting for external operators.
The partnership with OVG marks Evolution's first live casino project in Asia and is part of its expansion strategy across regional markets. While B2B operations can continue, the loss of its B2C license highlights the regulatory risks associated with international gaming partnerships. Analysts note that this incident could slow Evolution's efforts to strengthen its position in the Asia-Pacific online gambling market.
Amid uncertainty surrounding the company's financial plans, experts emphasize that Evolution's focus on regulatory compliance and risk management will be key to maintaining the trust of local authorities and global partners.
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