{"id":777020521,"date":"2024-11-07T09:59:38","date_gmt":"2024-11-07T12:59:38","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777020521"},"modified":"2026-04-22T04:26:30","modified_gmt":"2026-04-22T07:26:30","slug":"singapore-pools-posts-full-year-turnover-of-us9-18bn","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/singapore-pools-posts-full-year-turnover-of-us9-18bn","title":{"rendered":"Singapore Pools posts full-year turnover of US$9.18bn"},"content":{"rendered":"\n

Singapore Pools revenue for the 2023\/24 financial year was up 7 per cent in year-on-year terms.<\/p>\n\n\n\n\n\n\n\n

Singapore.- Singapore Pools<\/strong>, <\/strong>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). <\/p>\n\n\n\n

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<\/strong> were SG$332m (US$250m).<\/p>\n\n\n\n

See also: <\/strong>Tourism in Singapore: 1.27 million visitors in September<\/a><\/p>\n\n\n\n

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.<\/p>\n\n\n\n

It said: “We have embarked on several initiatives to prepare for the cessation of local races from October 2024<\/strong>, 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.”<\/p>\n\n\n\n

A new \u201ccash-out\u201d 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.<\/p>\n\n\n\n

Singapore Pools chairman Kai S. Nargolwala <\/strong>and CEO Lam Chee Weng<\/strong> 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.<\/p>\n\n\n\n

“In a complex gambling landscape where illegal and grey markets exist, Singapore Pools\u2019 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.<\/p>\n\n\n\n

“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.”<\/p>\n\n\n\n

See also: <\/strong>Gambling regulation in Singapore: amendments to Casino Control Act enter force today<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore Pools revenue for the 2023\/24 financial year was up 7 per cent in year-on-year terms.<\/p>\n","protected":false},"author":176,"featured_media":19302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Singapore Pools reported a 7% year-on-year revenue increase to SG$12.2bn for FY2023\/24, primarily driven by robust sports betting and simulcast horse racing performance. The state-owned operator is strategically adapting to the cessation of local horse races and enhancing its product offerings, such as a new cash-out feature, to effectively counter illegal market competition and mitigate social harms. Future strategic pillars include customer retention, retail network modernisation, and driving online adoption.","focusai_entities":"Singapore Pools, Kai S. Nargolwala, Lam Chee Weng, Tote Board","focusai_location":"Singapore, Hong Kong, Australia, Japan, Saudi Arabia, Turkey, Germany","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.8), operator_casino (0.85), product_ux (0.75), tech_data (0.7), marketing_crm (0.8), payments_fraud_aml (0.7), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact of Local Race Cessation","query":"What is the projected financial impact of the cessation of local horse races from October 2024 on Singapore Pools' NGR, and how will the introduction of new international simulcast races fully offset this potential revenue gap?"},{"label":"Strategy Against Illegal Operators","query":"Beyond the piloted cash-out feature, what specific technological and operational investments are planned to enhance Singapore Pools' effectiveness in diverting customers from illegal and grey market operators, particularly concerning gamification and hyperpersonalisation trends?"}],"footnotes":""},"categories":[157,16333],"tags":[],"class_list":["post-777020521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777020521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777020521"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777020521\/revisions"}],"predecessor-version":[{"id":777020552,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777020521\/revisions\/777020552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19302"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777020521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777020521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777020521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}