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Singapore to Implement Online Gambling Restrictions

Singapore to Implement Online Gambling Restrictions

Singapore’s government is looking at ways to restrict online gambling and is planning on a public consultation on ways it can regulate the industry.

Singapore to Implement Online Gambling Restrictions

The government of Singapore is planning heavy restrictions on access to online gambling.

The country’s Ministry of Home Affairs is looking at restrictions which would include “blocking of remote gambling websites, blocking of payments to remote gambling operators as well as prohibiting advertisements that promote remote [mobile and online] gambling.”

The Ministry explained that a full list of measures will be determined during the public consultation which will last until January 10th.
Singapore’s second minister for home affairs, Mr S Iswaran, said that restrictions are needed to “maintain law and order and to minimize the potential harm, especially to the young and vulnerable.”

Iswaran went on to say that Singapore would follow the approach used by Hong Kong which allows a limited form of specifically licensed online gambling through a regulator.

Singapore only legalized casinos in 2005 and is now home to two venues, Genting Singapore Plc’s Resorts World Sentosa and Las Vegas Sands Corp’s Marina Bay Sands. However, in order to try and discourage gambling, residents of Singapore must pay casino entry fees of $100 per day or $2,000 a year while visitors must pay tax on any winnings.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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