The gambling operator Singapore Turf Club has expressed interest in submitting the required legal documents for becoming a licensed online gambling provider. This Monday, the Singaporean Parliament started looking into a potential legislation that would establish a Government-supervised online gambling market.
The bill that is to come into force in the foreseeable future, is called The Remote Gambling Bill. It will hold liable all operators providing illegal gambling products and services as well as their clients who participate in the games regardless of the fact that they are prohibited on Singaporean soil.
For the time being, company’s representatives refused to provide further information about their upcoming endeavor but they did confirm that they were going to review all advantages and disadvantages the legislation would bring and then, settle down around the most favorable decision.
Singapore Turf Club as well as all the other companies intending to apply for a license under the new regulations in Singapore, should comply with a number of requirements such as responsible gaming, responsible gaming and most of all with the laws established within the country. In addition, they should be based in Singapore and the essence of their business should be “non-profit”.
Customers, registered with the Singapore Turf Club are now permitted to place their bets on horse racing remotely through their smartphones or tablets.
However, the bill might grant some advantages to the Singapore Turf Club and its horse racing business as a considerable amount of profits is spent for communities’ needs and for charity. The same thing applies for another gaming provider – Singapore Pools, which also has the chance to obtain a license.
It is not clear yet whether Singapore Turf Club has accepted that privilege, but it had shown signs of expanding its business portfolio further.
According to governmental research, Singaporeans have lost 8% ($416 million) from gambling compared to last year. What worries the members of the parliament so much is that more than 90% of the sum ‘leaked’ to international gambling operators.
The new online gambling bill is said to address this problem as well although the majority of people is skeptic towards its effectiveness.
Mr. Alfred Siew, editor of the online website Techgoondu, explained that despite the Government’s strict control over unauthorized websites, passionate players find a way to gain access to them. Currently, there is a number of banned websites. Nevertheless, diehard fans of gambling activities access them by using international IP transferring networks called VPNs.
