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Monday, July 19, 2021

Online Sports Betting

 

Online sports betting is now legal in Singapore. The only legal operator in the country who can legally provide such betting services is Singapore Poker House, which is also a subsidiary of Tote Board Limited. However, there are several companies who operate their online sports betting facilities without following the stipulated laws and regulations of the country. You should therefore be vigilant and carry out your homework before you invest your money in any such site.

There have been instances where Singaporeans have faced problems with some of the offshore gambling sites in the past. In such cases, the local courts have had to intervene and make interventions to help the individuals to avoid getting into trouble with the foreign bookies. These problems led to the formation of the Gambling Supervisory Commission, which operates under the Department of Securities and Investments. This body is responsible for investigating and monitoring the activities of all the licensed betting sites in Singapore and ban those that are found to be flouting the existing laws. Although the laws governing the operation of Online sports betting sites in Singapore remain to be strict, the government has taken several measures to regulate the operations of these gambling sites and ban those that operate outside the stipulated framework.

The 2021 World Series Of Poker tournament was held in Singapore and attracted a large number of visitors from across the world. Several major hotels in the vicinity of the venue were also decked out in promotional memorabilia and offering cash offers and promotions to attract tourists. The Gambling Commission made several recommendations, including a total ban on all forms of gambling activity within the Kingdom of Singapore. However, the government did not adopt all the recommendations put forward by the commission, and instead issued a statement saying that it would review the provisions contained in the 2021 World Series Of Poker tournament and look into how best to implement those rules and regulations to the benefit of the general public.

A few days later, word leaked that the changes to the law were going to be released at a later date. At first, this news was met with mixed reviews. On one hand, the law did not seem to do much in terms of regulating online gambling, as many sites continued to operate without any interference. On the other hand, some individuals expressed concern that the new changes would affect the games betting industry and make some form of a comeback. Some even pointed out that there was no real need for the gambling laws to be amended, as the games involved in these events are already regulated through the SEBI and other bodies and are not likely to be affected by the introduction of a new law which would define online gambling as a 'regulated activity'.

The main reason why the changes to the law have been pushed through, despite a lack of support from either the government or the legislature, is the impact that it has on the overall integrity of online sports betting in Singapore. There are a large number of online bookmakers operating in the country, and each one needs to be individually regulated to ensure that its services are safe for players to bet on. Without the regulation, there would be no way of ensuring that the odds offered by these operators are fair and balanced. This would lead to a situation where players would be risking their money on games that are not level, and unfair odds would be reappearing just to satisfy the impatience of bettors.

This, in turn, would result in the complete demise of online betting. If all bookies were suddenly closed down, there would be no other way for sports bettors to access information about the games they bet on, and this would mean that there would be no basis for making sports bets. The government realizes that the problem of gambling problems has to be tackled as soon as possible, and so has taken drastic measures by introducing legislation that will curb the rampant use of computers in betting processes. This is also a step towards stopping the exponential increase in the number of gamblers who use their computers for online betting. By implementing strict laws and getting rid of all the loopholes that bookies have, we can hope that the issue of online betting being used for gambling problems will be resolved soon.



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