It’s been a long and torturous few months for fans of online gambling in Singapore, but they can finally breathe a sigh of relief as online gambling has finally been legalised. Singapore Pools and Singapore Turf Club are the two operators that were recently awarded exemption licenses from the country wide ban, and although they’ve only recently officially launched, it is believed they opened the doors for the law change.
Singapore Pools offers a number of lottery games to residents of Singapore and they will also offer online versions of 4D, Toto games as well as bets on football and Formula 1.
Anyone who wishes to open an account with Singapore pools will first have to visit a land-based store in order to prove their age.
The Remote Gambling Act currently prohibits the playing of online casino games such as poker and blackjack, but there are many who never believed any form or online gambling would be legalised, so at this point there is a feeling that things could change over the next few years.
In the short term, however, it won’t be easy for players to get around laws as the Singapore government have ensured that there are a number of safeguards in place in order to keep the industry above ground and legitimate.
Meanwhile, the Singapore Turf Club will officially launch later this month following the exemption they were granted earlier in September. Just like with Singapore Pools, their license will run for three years, and providing the operators obey the legislations, they would be eligible for an extension when the contract is up.
The Remote Gambling Act is set to conduct routine audits throughout the duration of the contract, there will also be physical inspections to make sure that the operators are providing sufficient security measures for the accounts of their customers. This means that every member must have gambling limits and funding constraints in place and there is no issuing of credit. If any operator is found to be in breach of these guidelines, they will have their license immediately revoked and would be subject to a fine in excess of $700,000.