Singapore Pools launches legal online gambling service
Following the three-year exemption, it received under the new Remote Gambling Act last month, Singapore Pools has reportedly announced that its offering Singapore punters the ability to place wagers on a variety of games live on its new online gambling service.
The announcement comes from a report on Yahoo’s finance news service. The report claims that the state-owned lottery firm’s latest service began operations on Tuesday afternoon. Online versions of the 4D and Toto games while competitors can additionally now wager on sports such as football and Formula 1.
Singapore Pools patrons must visit a retail outlet in order to verify that they are at least 21 years of age before enjoying any of its games. Provisions in the new Remote Gambling Act ban the service from offering casino-type games online such as poker and blackjack.
A statement from Singapore Pools read “Many who like our lottery and sportsbetting games play for just a little flutter or social recreation,”. “However, we recognize there may be a minority who may play beyond their means. As such, we have safeguards in place to help create a responsible gaming environment for all.
We design and communicate our products in a manner that will not promote excessive and irresponsible play. We have low minimum bet amounts and offer a conservative range of sports bets.”
Singapore Turf Club, a local horseracing operator is expected to follow suit and launch an online gambling service of its own via its ITote platform from November 15 after it received a similar government exemption in September.
The Remote Gambling Act includes provisions that the government is to conduct routine audits as well as physical inspections to ensure the domains are providing sufficient player safeguards.
The provisions include the institution of gambling limits and daily funding constraints while offering credit is prohibited. Any site found to have violated these stipulations will receive a $734,000 per offence and could even have its license revoked.