Singapore Pools posts full-year turnover of US$9.18bn
Singapore Pools revenue for the 2023/24 financial year was up 7 per cent in year-on-year terms.
Singapore.- Singapore Pools, the country’s only legal lottery and sports betting operator, has shared its full-year financial results for 2023-24. Revenue was up 7 per cent from SG$11.4bn (US$8.58bn) to SG$12.2bn (US$9.18bn).
Some SG$9.14bn (US$6.88bn) was returned in prize payouts and SG$2.29bn (US$1.72bn) in gambling duties and taxes. SG$437m (US$329m) went to the Tote Board for community projects. Operating expenses were SG$332m (US$250m).
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Although the financial report does not disclose revenues by sector, sports betting was reported to be the biggest driver, boosted by new leagues and more sporting events. Horse racing also performed well through simulcast races from the region like Hong Kong, Australia and Japan.
It said: “We have embarked on several initiatives to prepare for the cessation of local races from October 2024, including introducing quality races from new jurisdictions such as Saudi Arabia, Turkey and Germany, and we will continue to offer horse wagering on overseas race.”
A new “cash-out” feature was piloted last November for the Australian League, enabling customers and sports fans to monitor their bets in real time and cash out their bets before matches conclude. According to Singapore Pools, this feature was aimed at providing increased flexibility for customers to stay effective in countering illegal operators and their offerings.
Singapore Pools chairman Kai S. Nargolwala and CEO Lam Chee Weng said: “In gambling, we constantly face a challenge in striking a balance between being an effective counter to illegals, and at the same time minimising social harms associated with excessive gambling.
“In a complex gambling landscape where illegal and grey markets exist, Singapore Pools’ role in countering illegals is even more challenging given trends such as the convergence of media, gaming and entertainment; gamification and hyperpersonalisation made possible through technology.
“There are also increasing offerings by the illegal operators. To address these challenges, we will be focusing more on areas such as customer retention and diversion, modernising our retail network and driving online adoption.”
See also: Gambling regulation in Singapore: amendments to Casino Control Act enter force today
