- Legal States
Fiona Simmons October 27, 2022 2 min read
Singapore Pools Ltd Receives 3-Year License Approval
Singapore Pools (Private) Ltd has received a three-year license from the Gambling Regulatory Authority in Singapore. The newly established gambling regulator has granted the company rights to operate gaming, lotteries, and betting contests over the specified period.
Singapore Pools Is an Old-Timer in Singaporean Gambling
The regulator confirmed on Wednesday that Singapore Pools Ltd has met all suitability criteria outlined under the revamped Gambling Control Act of 2022, specifically Section 54. Every operator who wishes to run a business as a licensed entity in Singapore must go through the same licensing process.
Moving forward, Singapore Pools Ltd will have its license valid through October 24, 2025. This applies to a total of 297 venues operated by the company presently. Singapore Pools is owned by Tote Board, a state entity, and it has been one of the longest-running gambling companies in the city-state, established back in 1968.
The Gambling Regulatory Authority is a new consolidating gambling regulator in the country, and it took over the responsibilities of two previous watchdogs under the Gambling Control Act of 2022. Meanwhile, the country seems to be another interesting market in Asia, as its own population is not too keen on legalizing some forms of gambling.
For example, six out of 10 Singapore adults do not condone online gambling and are against its legalization. This is the result of a YouGov poll the results of which were released back in September. Essentially, Singapore is one of the most strictly opposed countries when it comes to online gambling, a title that is usually reserved for China.
But, according to the YouGov poll, China opposes online gambling at about the same level of 56%. This means that Singapore’s gambling industry will most likely remain focused on the land-based sector which has been creating jobs and boosting the economy. A similar opposition exists in Japan where the government has recently confirmed that it will not legalize online gambling using Integrated Resorts legislation as a way to piggyback this legislation.