MANILA - PhilWeb Corp., a listed Internet gaming company, formed a new subsidiary to handle international ventures as the firm looks to other countries to boost growth.

The Securities and Exchange Commission approved last week the new company PhilWeb International Gaming Corp., which will have an initial authorized capital stock of P1 billion divided into the same number of common shares.

At least a quarter of the company’s stock has been subscribed by parent company PhilWeb.

The move is seen to accelerate the reach of PhilWeb, which generates the bulk of its revenues providing technical, marketing and cash management services to the Philippine Amusement and Gaming Corp.’s (Pagcor) more than 150- e-Games cafés in the country.

These cafés, essentially Internet-based casinos, offer proprietary versions of popular card games like blackjack, poker baccarat as well as slot machines, roulette and craps among others.

The company also generates revenues from its Internet sports business called “Basketball Jackpot” by operating 183 terminals, as well as from mobile phone gaming through Txtingo and Bid Wars, a text-based auction game.

For the first 9 months of the year, PhilWeb said net income jumped 76% to P372.4 million from the same period last year on stronger core earnings from the Internet-based gaming business. Revenues during the period also increased 87% to P580.2 million due to the increase in casino stations and higher volume of transactions.

Cost and expenses also rose 44% to P236.7 million, as inputs increased on expansion activities.

PhilWeb shares ended 2.67% lower on Friday, closing at P18.25 per share.