SOUTH EAST ASIA 19
“You can close down sites, but new sites will be set up, sometimes faster than you can close them down,” Tan Chuan-Jin, the Minister for Social and Family Development said after easing the ban. “It is a global market with a lot of money to be made, and the worst thing is that it is unregulated and there are no safety measures in place.”
the revocation or suspension of the exemption certificate,” it said. Yap Wai Ming, partner of Morgan Lewis Stamford LLC, said the government’s key focus is the protection of young persons from gambling. “For remote gambling to take place in Singapore, they will want to make sure it does not encourage the young IT savvy folks to get addicted to gambling,” he said. Waiting game “When you look at the remote gambling Singapore’s not-for-profit lottery and act in Singapore, you’ll see there is a focus on gambling operators, Singapore Pools and preventing young persons from being groomed Singapore Turf Club, had been waiting nearly into the industry. In fact they say there is a serious penalty if anybody is found to target two years to tap into this new channel. The exemptions, as expected, came young people, those under 21 years old, to gamble,” he said. with a stringent set of Singapore Pools conditions. According and the Singapore Turf to a document from IT IS A GLOBAL Club will need to offer the Ministry of Home a “very strong robust Affairs website, players MARKET WITH A LOT internal system for age must be over 21 years OF MONEY TO BE verification.” of age and will be MADE, AND THE WORST required to adhere to Data collection daily expenditure and THING IS THAT IT IS funding limits. UNREGULATED AND Other conditions, Gambling on credit such as setting a limit or gambling while being THERE ARE NO SAFETY on how much one can on any casino exclusion MEASURES IN PLACE gamble - is something list is prohibited. that is particularly well From the operator suited to the data-heavy side, a self-exclusion system and the provision of responsible nature of online gambling, says Yap. “Singapore is very good at collecting gambling information would be required. The operators must also implement a statistics. If someone gambles once too often, notification system which alerts the player you’ll probably be able to see that data if it of daily deposits and winnings or losses. The comes from the same [betting] account.” It actually even offers some advantages player will also receive alerts when 75 percent over land-based outlets. of the expenditure limit has been exceeded. “As opposed to now, when someone goes to a physical gaming outlet, they queue up and Stiff sanctions they pay over the counter. It’s anonymous.” Singapore locals shouldn’t expect to see A time counter must be visible indicating the amount of time that has elapsed since any variation in betting products either. “The exempt operators are allowed to the player logged onto an account, as well as publication of the odds of winning and offer remote gambling only for their existing providing players with monthly statements products, namely: 4D and Toto lotteries and football and F1 sports betting for Pools; and of gambling activities. The Ministry also noted the exempt horse-race betting for STC,” said the Ministry, operators will be “subjected to regular audits adding that new bet products cannot be offered without prior approval.” and inspections.” “The exempt operators are not allowed to “If an exempt operator contravenes or fails to comply with the conditions, regulatory sanctions offer casino-style games or poker,” it added. While Singapore Pools and the Singapore may be imposed, as provided for by the RGA. Sanctions include a financial penalty of up to Turf Club put the finishing touches on their S$1 million ($732.8 million) for each instance online betting capable systems, it remains to of noncompliance, a direction restricting the be seen whether there is still room for outside exempt operator’s remote gambling service and suppliers to get their piece of the action.
GROSS GAMING REVENUE Y16E
Y16E Mass Y17E
+3% (Source: UBS)
TOURISM ARRIVALS H1 8,169,192
China arrivals 1,472,654
Indonesia arrivals 1,412,756
+7.3% (Source: STB)
Genting Q3 profit tops forecasts Genting Singapore posted better-thanexpected Q3 profit, helped by a focus on higher margin business and managing operational efficiency. Net profit for the quarter was S$136.6 million, compared with $66.9 million reported in the prior year period. Third quarter revenue was down 9 percent to $581.5 million, from S$636.1 million in the previous year.
Casinos improve social safeguard standards The Casino Regulatory Authority imposed $417,500 in financial penalties on Singapore’s two casino operators in 2015, up from $282,500 the prior year, according to its annual report. However, the number of social safeguard breaches declined as both casino operators have taken steps to strengthen their processes. “The casino operators have shown responsiveness and commitment to comply with the regulatory requirements, and have taken remedial actions where there are gaps.”
Asia Gaming Briefings | November 2016