Singapore Pools 2021-22 revenue exceeds pre-pandemic levels
Full-year revenue came in at S$10.1bn (US$7.2bn).
Singapore.- Singapore Pools has shared its full-year financial results for 2021-22, reporting that revenue increased exceeded pre-pandemic 2018-19 leves by 20 per cent. Sports betting was the biggest driver, boosted by the addition of five South American football leagues. Delays to events, incuding UEFA Euro 2020, also generated a one-off boost.
Lottery revenue was also above pre-pandemic levels, but horse betting remained below as betting venues continued to take Covid-19 precautions. Gaming duties and taxes stood at S$2.1bn, up 30 per cent when year-on-year but not significantly above pre-pandemic levels.
Kai Nargolwala, Singapore Pools chairman, also attributed the increase in revenues to digitisation and technological development.
Nargolwala said: “The recent pandemic coupled with advancements in technology has fast-tracked digital adoption across many aspects of life. While this has enabled Singapore Pools to adopt greater digitalisation across its business operations to better meet customer expectations, technology has unfortunately also allowed illegals to reach out directly to more.
“In a world that is increasingly digitalised, Singapore Pools aims to remain relevant and continues in its efforts to digitalise operations under the SP2025 Strategic Plan led by the Transformation Program Office in collaboration with operating units.”
In October, the new Gambling Regulatory Authority of Singapore (GRA) issued a licence to Singapore Pools under Section 54 of the Gambling Control Act 2022 (GCA). The licence runs until October 24 2025.
