PUBLISHED ONNovember 05, 2024 10:32 AMByKhoo Yi-HangWhen it comes to getting our kicks, there may be nothing else Singaporeans love more than placing bets.
Well, the Singapore public has spent a record $12.2 billion on lottery, sports betting and horse racing in the last financial year, according to the Singapore Pools annual report 2023/24 released on Tuesday (Nov 5).
Data from the annual report shows that their revenue has increased by 7%, up from $11.4 billion in the previous financial year, reported Lianhe Zaobao.
According to the annual report, $11.87 billion was returned to Singapore and Singaporeans via $9.14 billion in prize payouts and $2.29 billion in gambling duties and taxes.
This also includes some $437 million which was also channelled to the Tote Board, where the money was spent on supporting community-based projects.
Singapore Pools is a fully-owned subsidiary of Tote Board, which reports to the Ministry of Finance.
Out of the $12.2b, its operating expense was $332 million (3%), one of the lowest in the world for a gaming operator.
This includes investments into upgrading systems and developing talent, according to a message from Singapore Pools chairman Kai S. Nargolwala and CEO Lam Chee Weng.
The duo shared that sports betting showed strong growth in the last financial year due to "new leagues and more sporting events".
"In gambling, we constantly face a challenge in striking a balance between being an effective counter to illegals, and at the same time minimising social harms associated with excessive gambling," the message also stated.
"To address these challenges, we will be focusing more on areas such as customer retention and diversion, modernising our retail network and driving online adoption."
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