The industry of gambling in Singapore received a new surge of growth this year due to the increase in revenue. The country presented a new record of SGD 8.1 billion last year which is a huge leap compared to its previous record. There are several factors that contributed to the increase in this number.
Singapore as a gambling hub
Singapore is one of the countries in Southeast Asia that has draconian policies when it comes to casino gambling. As of writing, any form of gambling aside from lottery and horserace betting is severely regulated by the government. Serious offenders are subjected to a certain fine or imprisonment of a certain period depending on the severity of the offense.
Despite all of the stern gambling statutes existing in the Lion City, there is a slow rise in the gambling industry of the country. The only major casinos in Singapore are Marina Bay Sands and Resorts World Sentosa. These casinos are slowly surpassing the casinos in Macau, China which currently holds the record as the most popular gambling destination in the world.
Improvement of legal betting forms
As of now, the only gambling forms that are considered legal in the nation are lottery and horserace betting. However, other forms of gambling are also receiving popularity these past few years.
Other forms of gambling such as baccarat, sic bo, fan tan, Dragon Tiger, and fish shooting games are receiving deserved attention from newbie punters at the trusted online casino Singapore site. However, these forms of gambling are only available in their online form as land-based gambling is still heavily regulated by gambling authorities.
Singapore Pools and Singapore Turf Club are two of the statutory bodies that regulate all forms of gambling in Singapore. According to the studies, there is a 43% increase in revenue in the statutory bodies in the past four years.
Expansion of online gambling
The COVID-19 pandemic has severely affected the gambling industry in Singapore and other parts of the world. In fact, during the circuit-breaker period, the two integrated casinos in the country were closed.
Additionally, all of the outlets of Singapore Pools in the country were temporarily closed, as well as the Singapore Turf Club. As a result, the industry lost a lot of revenue during those years.
The consequences of the strict measures during the pandemic resulted in an increase in online activity in terms of gambling. Residents were unable to go out during that time so they turned their attention to various forms of entertainment online. As a result, there is a huge increase in newly-created accounts on trusted online casino Singapore platforms as an alternative to land-based casinos.
The future of gambling in Singapore
The closures of casinos during the initial onset of the global pandemic have severely affected the gambling industry. However, the trend also sought the rise of online gambling activity in the country.
There is a huge boost in the number of offshore gambling sites that are also catering to Singaporean gamblers in recent years and it is expected that this number will double by the year 2026.
Additionally, new trends in the gambling industry such as the expansion of interest in crypto gambling and innovative slots contributed to this sudden increase in the number of gambling enthusiasts.
Conclusion
Despite possessing two of the most lavish casinos in Asia, the strict gambling policies in the country cripple the full progress of the country’s gambling industry. Fortunately, the huge promise of online gambling serves as the catalyst for the slow but steady change in the industry of betting in the nation.
Take advantage of this trend in the trusted online casino Singapore site to boost your winnings!