Singapore Pools Report the Total Amount Spent on Betting was up 12% Compared to the Same Period last Year

November 5, 2023 | Financial

Singapore Pools – Our Heritage

SINGAPORE (November 3, 2023)– The Singapore Pools (Pte) Ltd Tote Board’s annual report for the financial year ended March 2023 reveals some interesting trends in betting and gambling activities in the country.

The total amount spent on betting, including lotteries and sports such as football, was $10.3 billion in the financial year ended March 2023. This marked a 12% increase compared to the previous year when the total amount wagered was $9.2 billion.

The surge in betting activity was attributed to the FIFA World Cup, which took place in Qatar from November to December 2022. The World Cup generated significant interest among sports fans, leading to increased betting.

The $10.3 billion wagered in the financial year ended March 2023 was the highest amount placed on these bets in the last decade. It even surpassed the financial year that ended in March 2019, which also featured a World Cup, when $8.1 billion was wagered. The previous record was set in the financial year that ended in March 2022 when Covid-19 restrictions were being lifted.

The Tote Board’s report did not provide a breakdown of the bets placed on different types of lotteries and games, such as 4-D, Toto, football, or motor racing.

Singapore Pools, the only licensed operator of lotteries and sports betting services in Singapore, did not disclose specific statistics, citing commercial confidentiality. However, they acknowledged that the World Cup 2022 contributed to the increased interest and bets.

Approximately $1.1 billion was wagered on horse races. Singapore Turf Club, which oversees horse racing, is scheduled to hold its final race in October 2024, with plans to close by March 2027 for land redevelopment. The impact on the Tote Board’s financial performance is expected to be minimal.

The report also mentioned an increase in casino entry levies collected, with $147 million collected in the last financial year, marking a 17% increase compared to the previous year. Singapore reopened its borders to fully vaccinated travelers on April 1, 2022, and eased all restrictions on international travelers on February 13, 2023. The daily casino entry levy for Singaporeans and permanent residents is $150 per person.

These figures reflect the trends in betting and gambling activities in Singapore, with major sporting events like the World Cup having a significant impact on the betting industry, and the reopening of borders leading to increased casino entry levies.

SOURCE: News Service Reports.

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