Market size 💰
Online gambling revenue in Singapore will grow significantly in 2022. According to data from the Singapore Gaming Regulatory Authority, the online gambling market’s transaction volume reached US$1.79 billion in 2022. In the first quarter of 2023, the transaction volume of the online gambling market increased by nearly 50% year-on-year. According to a report by PASA, the global get-rich-quick industry overseas information platform, the size of Singapore's online gambling market in 2023 will be approximately US$2.17 billion, and is expected to grow at a compound annual growth rate of 9.9%. The market is mainly divided into sports betting and casino games, among which sports betting occupies the largest market share; Ps: The Summer Olympics are about to start in the near future, which is also a good time for everyone to enter;
Iteration of laws and regulations
In 2022, Singapore passed and implemented the Gambling Control Act and the Gambling Regulatory Authority of Singapore Act. These two laws and regulations mark a major reform of Singapore's gaming regulations and aim to modernize The gambling industry, especially online gambling activities, ensures that it operates within a legal and regulated framework and reduces the social harm associated with gambling.
The new regulations mainly include the following changes:
Expanding the definition of gambling: The new regulations update the definitions of "gambling" and "betting" to include more modern gambling activities within the regulatory scope, especially online gambling and emerging forms of gambling. This change is designed to adapt to the development of Internet gambling and mobile applications.
Tiered licensing system：Singapore has introduced a "graded licensing system" to regulate low-risk gaming products, such as online games with gambling elements and commercial promotion draws. These operators do not need to apply for a separate license, but only need to meet the prescribed conditions to operate.
Strengthening social security measures: The new regulations continue to maintain the minimum gambling age of 21, and minors are prohibited from participating in any form of online gambling. In addition, restrictions on minors accessing gambling websites and opening online gambling accounts have been strengthened.
Crack down on illegal online gambling: New laws impose stricter penalties for illegal online gambling activities, including mandatory prison sentences and hefty fines.
How to enter the Singapore market under the current circumstances
❶ Apply for a license：The following is the editor’s summary of the license application process for Singapore’s online gaming industry
1. Prepare the information (PASA, the global platform for getting rich quickly overseas, would like to give readers a little tip: Before formally applying, it is recommended to conduct a preliminary consultation with GRA to clarify the application requirements and procedures. You can make an appointment for a consultation meeting through the GRA official website.)
Prepare necessary documents: A series of documents are required to apply for a license, including but not limited to the following three detailed written documents:
Business Plan: A detailed description of the business's operating model, marketing strategy, and financial forecasts.
Legal compliance documents: including business registration certificate, background checks of key executives and criminal record certificates.
Technical documentation: Detailed description of the platform's technical architecture, security measures, and user data protection strategies.
2. Submit your application
Online Submission: Submit your online application through GRA’s official website. The application form requires detailed information, including corporate profile, operational plan, technical solutions and compliance measures.
Pay the application fee: You will need to pay a certain application fee during the application process. The specific amount depends on the type and size of your application.
3. Review and evaluation
Preliminary review: GRA will conduct a preliminary review of the submitted application materials to ensure that the documents are complete and meet basic requirements.
Detailed assessment: After passing the initial review, GRA will conduct a detailed assessment, including reviewing the feasibility of the business plan, the safety of the technical solution and the effectiveness of compliance measures.
Background Check: Conduct background checks on key management personnel, including criminal records, financial status, and industry reputation.
4. Approval and issuance of licenses
Approval decision: After passing detailed evaluation and background investigation, GRA will make an approval decision. After approval, the applicant enterprise will receive an online gambling operation license.
License issuance: After obtaining a license, the company can officially operate an online gaming platform in the Singapore market. The license usually has a certain validity period and needs to be renewed regularly.
Key points to note when operating after entering ⚠️
1️⃣ Comply with regulations: Ensure that the business complies with all gaming regulations in Singapore, including age restrictions, advertising codes and anti-money laundering regulations. Compliance is key to maintaining an operating license.
2️⃣Technological innovation: Utilize advanced technical means, such as big data analysis, artificial intelligence and blockchain technology, to improve the security of the platform and user privacy. This will also facilitate compliance with data protection laws such as GDPR (General Data Protection Regulation) and ensure that no Suspended.
3️⃣ Responsible Gaming: Promote and implement responsible gambling measures, such as setting betting limits, providing self-exclusion options and supporting resources for problem gambling. Responsible gambling practices help build a good corporate reputation and win the trust of users. It also better complies with local laws and regulations in Singapore, which is also an indispensable part of the subsequent development in the Singapore market and the renewal of operating licenses;
Conclusion
Singapore’s latest gaming regulations not only ensure the legal operation of the gaming industry, but also provide new opportunities and new vitality for market innovation and development. The government has strengthened supervision and social protection measures to help reduce the social harm caused by gambling. According to a report by PASA, a global information platform for getting rich overseas, Singapore's online gambling market has continued to grow since the implementation of new regulations issued by Singapore in 2022, with a compound annual growth rate of 9% expected in the next few years. It is a very good growth trend; friends who want to enter can also enter the Singapore market according to the compliance process provided by the editor.
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We look forward to discussing more unique insights about the Singapore online gambling market with all readers, and sincerely invite you to pay attention to PASA, the global get-rich-quick industry overseas information platform, to obtain more get-rich-quick industry information!
