The Economic Impact Of Gambling In Singapore
Singapore has strict gambling laws. The country has two licensed physical casinos, which are found in integrated resorts. Online casinos are not licensed within the country and sports betting is also
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highly restricted.
Despite this, gambling does contribute billions of Singapore Dollars to the county’s economy and also offers employment to local residents. The government recently introduced new cashless gaming laws, but it seems unlikely to open up online gambling or cryptocurrency gambling in the future.
Gambling Laws
Gambling laws are strict in Singapore. There are only two casinos in the country, and these are the only venues that are legally permitted to offer casino games or sports betting. Online betting is also prohibited, and there are no officially licensed online operators in Singapore.
However, many offshore sites have made their services accessible for players in Singapore. According to gambling expert Khadija Bilal, players use VPNs and cryptocurrency to gamble anonymously and safely at these offshore sites.
Physical Casinos In Integrated Resorts
Physical casino laws are similarly stringent. All forms of gambling are prohibited, except where explicitly permitted and licensed. Licensed casinos can be found in integrated resorts, which are those that contain different types of venues usually including hotels, restaurants, conference areas, and casinos.
The two resorts are the Marina Bay Sands, part of the Las Vegas Sands Corporation, and the Resorts World Sentosa, which is a Genting Group resort and includes a theme park as well as a casino.
Physical Casino Tax Revenues
Although actual figures are rarely released by the Singaporean Commission, the most recent figures show that these two casinos generated nearly SGD 10 billion in 2019. Tax rates at the time meant that the government raised SGD 2 billion a year when also taking into account the SGD 15 million a year in licensing fees.
As of 2022, tax rates have been higher, which means the figure is likely higher than this now. In 2022, the government also extended an exclusivity agreement with the two resorts, which means no new physical casinos will be introduced, and tax rate increases are not likely before 2032.
Tourism And Visitors
The resorts are primarily meant to target visitors to Singapore. Entry to the resorts is free for tourists and visitors, but locals are charged SGD 150 for a 24-hour pass or SGD 3,000 for lifetime access.
The two resorts are considered among the most luxurious casino resorts in the world and this has helped attract high rollers to their tables. Resort visitors can find high-end restaurants, opulent hotels, and even a theme park attraction.
Singapore tourism is worth approximately SGD 20 billion a year, with the casinos contributing a decent amount of this money. Some local businesses do benefit from casino visitors, but because they are fully integrated resorts, extra tourism revenue is not as high as it is in other casino cities.
Gambling Industry Employment
Singapore’s casino resorts are huge: much bigger than most casinos in other cities. Resorts World Sentosa alone employs more than 10,000 people and Marina Bay Sands is likely to employ a similar number of people.
Employment positions range from casino workers like pit bosses and dealers to workers in other areas of the resorts. Food preparation, customer service representatives, and retail workers are some of the most common employment positions available.
Online Gambling
Online gambling is not regulated. In fact, the government attempts to prohibit online gambling. There are rules in place that are meant to prevent offshore sites from offering services to Singaporeans, but these are very difficult to police, as the government struggles to go after companies that are located outside their jurisdiction.
Although offshore sites are supposed to be blocked to prevent access, players do get around this by using VPNs and cryptocurrency.
A Changing World
A VPN enables users to access websites as though they are connecting from a different location. This enables anybody to gain access to offshore casinos. Cryptocurrency also enables anonymous payments and many crypto casinos do not require users to submit personal details while registering which enables access and payment to sites licensed abroad.
Because online gambling is prohibited, the government does not currently make any tax on people who partake. There has not been any suggestion that these rules will change in the near future.
New rules enabling cashless payments have been introduced, but these only enable physical casinos to offer cashless gambling within the confines of their locations. The government also stipulated that it would not enable cryptocurrency gambling or the use of cryptocurrencies as a means of cashless payments.
A Missed Opportunity?
Visitors and tourists are likely responsible for the majority of Singapore’s gambling revenue and visitor numbers have picked up since the forced lull in 2020 and 2021. However, no new casinos will be built for at least the next eight years and it seems highly unlikely that online casinos or other betting avenues will open up soon, even though this would open up new income streams and potentially create new jobs.
Global Gambling Revenue
The global gambling industry is worth approximately $500 billion. The U.S., where many states still prohibit different forms of gambling, generates $15 billion a year in tax revenue from gambling activities. Online gambling has seen significant growth in the past few years and is worth approximately $100 billion a year in total revenue.
The UK, which is widely considered to have one of the most open betting frameworks in the world, generated £3.4 billion in gaming tax receipts in 2023/24, which is an especially large figure because winnings in the country are tax-free, so all taxes are raised from betting companies.
Singapore’s population is around one-tenth that of the UK, but it could still generate considerable sums by opening up its licensing and online gambling laws.