Within the context of gambling, Singapore is best known for the two multi-billion integrated casino resorts that were launched several years ago by industry giants Las Vegas Sands and Genting Group. The island city-state legalized its casino industry in 2006, with the legalization process being a prolonged and overly contentious one.
It was not until 2010 when the first of the two casino complexes opened doors and welcomed first visitors. Resorts World Sentosa followed by Marina Bay Sands turned into the epitome of luxuriousness and diversity of both gambling and non-gambling offering. Indeed, the two resorts turned Singapore in Asia’s second most profitable gambling destination, attracting gambling customers from all around the Asia-Pacific region. As all such types of venues, the city-state’s two hotel and casino complexes were particularly focused on attracting high rollers from Mainland China, known for their expensive tastes and willingness to spend quite a lot on quality gambling products.
The integrated resorts model proved to be a successful formula for Singapore within the first several years after Resorts World Sentosa and Marina Bay Sands were launched. However, the two complexes have lately been facing drops in revenues. And the downward trend is likely to continue in 2016, as well. The corruption crackdown in China and the current economic situation there have been noted as important reasons for the worsened financial performance of Singapore’s casinos.
Despite its ups and downs, the city-state’s land-based casino industry is one that has a lot to offer to international players, and operators will certainly try their best to find what works best for the region and improve the two properties’ financial performance.
While the provision of land-based casino options in Singapore is legal, the same could not be said for their online counterparts. Late in 2014, the country’s lawmakers took actions to prohibit online gambling in all its forms, with very few exceptions. For instance, social casino games, or ones played not for real money and not for monetary prizes are still legal in the city-state. Operators that contribute a great amount of its revenues to charitable causes are also exempt from the Remote Gambling Act passed by legislators two weeks ago.
Local media reported earlier this month that state-owned lottery company Singapore Pools Ltd. and the Singapore Turf Club, which manages betting on horse racing options and other cash-prize games, will be allowed to start online operations by the end of October.
According to people with knowledge of the matter, both organizations are having their applications reviewed by the city-state’s Ministry of Home Affairs and are likely to be given the green light. The Ministry itself declined comments on the matter and only noted that it has indeed been evaluating their applications.
Both Singapore Pools and the Singapore Turf Club are non-profit organizations and contribute large shares of their revenues to different charities and other initiatives related to Singapore citizens’ well-being. In other words, there seems to be no reason why they should not be allowed to operate online gambling services for residents of the city-state, known to be among the most economically developed jurisdictions in the world.
Local media noted that although the two operators will be allowed to take wagers online and to provide different lottery and other gambling options, there will be certainly limits on the amounts bettors will be allowed to wager. According to reports, betting options may include placing bets on live events, but nothing has been confirmed so far by any of the involved parties.
Singapore Pools currently operates a betting website, but it only allows gambling customers to check sports odds. Wagers are taken over the phone or in the company’s sports betting outlets. It had planned to launch an upgraded version of the website right ahead of the UEFA Euro 2016 but failed to meet the originally projected deadline. With the company now likely to be exempted form the Remote Gambling Act, the new site will make it possible for players to place their bets online. The sports betting website will be powered by OpenBet, known to be the leader in the provision of this type of software.
Online gambling has proved to be a profitable business for all involved parties, particularly in well-regulated jurisdictions. The fact that two of Singapore’s major gaming and sports betting operators will be allowed to operate online indicates that the city-state government may have warmed, at least a little bit, towards the provision of this type of services.
Although lawmakers have previously said that they want to reduce Singapore residents’ exposure to online gambling to a minimum so as to protect them from its ill effects, there are numerous examples of how proper regulation and promotion of responsible gambling has done miracles in regulated markets around the world.
