Singapore Gambling Hits New High; US$9.18 Billion Wagered on Lottery, Sports Betting, Horse Racing

November 7, 2024 Singapore iGaming & Gambling

Singapore has recorded a significant increase in gambling expenditure, with citizens spending a record SGD$12.2 billion (US$9.18 billion) on lottery, sports betting, and horse racing in the 2023/24 financial year.

This marks a notable rise in public participation in these activities, which include popular games like Toto, 4D, and various sports betting options.

The surge in gambling spending reflects a growing interest in these legal forms of entertainment, despite ongoing efforts by the government to promote responsible gambling.

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The total turnover from these activities exceeded previous records, showing a steady upward trend in the country’s gambling market.

Singapore Pools, the state-run operator managing most of the country’s legal gambling activities, reported this represents a 7 percent increase from the previous year’s SGD$11.4 billion.

The operator attributed the growth to factors such as higher jackpots and successful promotional efforts, which attracted more bettors. Sports betting, particularly during major international events, was identified as a key driver of this growth.

Out of the SGD$12.2 billion, SGD$11.87 billion was redistributed to Singaporeans through prize payouts (SGD$9.14 billion) and gambling duties (SGD$2.29 billion). Additionally, S$437 million was directed towards community initiatives through the Tote Board.

Operating expenses amounted to SGD$332 million, marking one of the lowest figures among global gaming operators.

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While the increase in gambling spend highlights the popularity of these activities, it also brings attention to the importance of responsible gambling practices.

The Singapore government, through the Gambling Regulatory Authority of Singapore, continues to regulate the industry with measures such as public education campaigns and self-exclusion programs designed to reduce the risk of gambling-related harm.

As gambling spending continues to rise, it prompts ongoing discussions on its social and economic impacts. The management of legal gambling in Singapore serves as a model for other countries in the region, balancing public interest with regulation and oversight.