New gambling authority in Singapore

Singapore wants to create a superordinate authority for regulating the gaming market. The aim is to standardize the industry and create a transparent market, according to the government. In the most recent parliamentary meeting, there were the corresponding adjustments that relate to current legislation. As a result, the country in the Indian Ocean is on the right track to reform the local gaming industry.

Shifts by Covid-19

A jerk has been going through the gaming industry in Singapore since 2020. The country’s government has spent a lot of time to re -explain legal framework conditions and to adapt the branch of the industry to modern demands. In the course of the plans, it became known that the new gaming authority should start their work in 2021 at the latest. At that time, however, nobody could have guessed that the Corona pandemic turn everything upside down should. Accordingly, the targeted schedule of the government shifted.

Since the situation in the Asian state has increasingly calmed down in recent months, the efforts to Reforming the gaming industry resumed. So became a New tax system implementedthat the gross games of the local providers taxed at 18 instead of 15 percent. The new tax rate receives income up to 3.1 billion Singapore dollars (SGD)-approximately $ 2.3 billion. When this limit is exceeded, the rate jumps to 22 percent.

In the most recent parliamentary meeting, the new gaming authority, which is named “Gambling Regulatory Authority” (GRA), was probably announced for the time being, the greatest measure, which with comprehensive powers and new options for action shall be. The government has left open exactly when the supervisory authority is now taking up its work.

Corona in Singapur. Although the number of infection in Singapore is increasing, the country has significantly relaxed the entry requirements a few weeks ago. According to media reports, the government established its decision by the fact that the health system mastered the current situation well and that the vaccination rate also supports loosening. For example, travelers have to carry out the first seven days of their stay test test if they want to leave their accommodation. In addition, test results no longer have to be transmitted online. The simplified entry requirements could inspire the tourism and gambling industry.

Old laws disappear

The GRA would be a novelty for Singapore in its intended form. To date, different instances were responsible for the different segments of the gaming industry. However, the new supervisory authority would be a higher -level Regulation and control instance for any gaming activities im Land.

According to the government, the GRA’s installation will result in some legal shifts. Several gambling laws that have been legally binding to date would become superfluous and simply disappear. This included the “Common Gaming House Act”, the “Private Lotteries Act” and the “Remote Gambling Act”. This was recently confirmed by the Ministry of the Interior to press representatives.

Although the GRA as a regulatory authority should act for all forms of gambling, it does not manage to cover the two casinos in Singapore. The Ministry of the Interior said that some Separate draft laws were availablethat will ensure the necessary rules of the game.

Casinos in Singapur. In Singapore there are exactly two casinos – the “Resort World Sentosa” and the “Marina Bay Sands”. Both gambling houses are similar to impressive buildings and extend over a huge area. The “Marina Bay Sands” in particular acts like a futuristic building due to its architecture and is considered a sight in the country.

Law adjustment for sports betting

The so-called “proxy bets”, which are particularly popular in Singapore encrypted via VPN or proxy server run and therefore cannot be traced back. According to the Ministry of the Interior, this will soon be over, since the planned legal adjustments also aim at the sports betting segment and prohibit this type of bet in the future.

The government justifies the ban on the fact that Proxy bets can easily bypass financial security measures. Especially Money laundering is favored by the encrypted signals. The authorities in Singapore would have difficulty fulfilling criminal gangs that wash money through the sports betting.

Apart from the criminal machinations, proxy betting would Do not guarantee player and youth protection. Even the planned GRA would have no way of observing the game behavior of the people in Singapore and recognizing striking patterns. This promotes the development of a gambling addiction.

Social Gambling. The government in Singapore is currently also debating on “Social Gambling”. The gambling activities in the family and friends are currently not prohibited, but offer a legal gray area. The current legislation does not distinguish between gambling with and without real money gains. It is only forbidden to operate “social gambling” as a business model or to use it for the private advantage. However, there is no real control.