There is a proposed legislation that is about to change online gambling in Singapore. As news broke today, the announcement of the new bill to ban online gambling is about to see the light. At the next sitting in Parliament, the legislation known as the Remote Gambling Bill will be debated in order to make it illegal to advertise online gambling to citizens in Singapore.
The bill’s initiative will be to ban websites that offer online gambling as well as a ban on advertising and it will allow authorities to pressure banks and payment providers to block fund transfers to gaming operator websites.
“Exempted entities will be subject to strict operating conditions, in the areas of social safeguards, responsible gambling, gaming integrity and law and order,” the Ministry of Home Affairs stated.
The scope of the bill’s measures are all aimed towards protection of younger citizens and those vulnerable from being harmed or exploited.
The remote gambling industry in 2012 was estimated at $44 billion with an annual growth of 9% which is five times that of conventional to restaurant gambling in Singapore. Now it is estimated that the remote-gambling market in Singapore along is said to be worth at least S$376 million and growing.
Restrictions will also apply to other forms of remote gambling on mobile devices and telephones. According to Second Minister of Home Affairs S. Iswaran,
“Remote gambling is something that is growing, and it probably has a greater level of attraction with a more tech-savvy generation.“
Gambling operators will be exempt if they meet criteria proposed by the Remote Gambling Bill if it is based in Singapore, non-profit, contribute to public and charitable causes and history of compliance with Singapore laws.
Exemptions may also apply to horse racing, F1 and football betting as the government looks to steer bettors towards authorized operators to improve social safeguards.