Singapore to welcome limited online gambling in the near future

Published on October 7, 2016 in Industry News

Online gambling in SingaporeIn the gambling world Singapore is known for Resorts World Sentosa and Marina Bay Sands, these are two multi-billion integrated casino resorts that were launched by Las Vegas Sands and the Genting Group.
 

“The process of legalising the casino industry
took over 4 years, from 2006 to 2010,
thanks to a dragged out legal process.”

Although Singapore legalised land-based casinos, actions were taken in 2014 to ban online gambling in any form. Of course there were a few exceptions such as social casino games and games played for “free”, meaning players can’t receive any real money rewards from it. Two weeks ago the legislators passed the Remote Gambling Act that allows players to participate in online casinos that are run by operators who contribute a large amount of their revenue to charitable causes.

State-owned lottery companies Singapore Pools Ltd and the Singapore Turf Club will be able to start online operations at some point throughout 2016. These companies manage betting on horse racing options and other cash-prize games. Both companies have turned in their applications and it is currently being reviewed by the city-state’s Ministry of Home Affairs. According to insiders these companies are likely to receive the green light although the Ministry itself chose not to comment on the matter.

Both of the companies contribute large shares of their revenues to different charities and other well-being related initiatives. Singapore Pools and Singapore Turf Club are also registered as non-profit organizations. It is quite possible that there will be amount restrictions when it comes to wagering if the companies are given the green light. Singapore Pools has a betting website but it only allows customers to check sports odds at this point in time. 

Online gambling has been a highly profitable business for most operators in well-regulated jurisdictions. Singapore could only benefit from legalising online gambling in their island-state.