SINGAPORE – Record-Breaking Bets

In a groundbreaking revelation, Singapore Pools has announced a staggering $12.2 billion in bets placed during its financial year ending in March 2024. This figure marks the highest turnover in the operator's history and reflects a 7% increase from the previous year’s $11.4 billion, showcasing the growing appetite for gaming among Singaporeans.

As the sole legal lottery and sports betting operator in Singapore, Singapore Pools has seen its turnover grow at an impressive compound annual growth rate of 8.3% since the 2019/2020 financial year. The surge has been attributed to an uptick in sports betting, fueled by a series of major tournaments and events over recent years, according to a spokesperson for Singapore Pools.

The company's annual report, released on November 5, details this remarkable achievement, highlighting that the massive turnover includes bets from popular games such as 4-D, Toto, and sports events, though it did not provide specific figures for each betting activity.

Government Contribution and Gambling Trends

What’s even more astonishing is the financial contribution to the government from these gambling activities: Singapore Pools contributed a record $2.29 billion in gambling duties and taxes, along with $437 million to the Tote Board, which uses funds from gaming revenues to support community initiatives.

A recent survey conducted in 2023 revealed that about 40% of Singapore residents have engaged in gambling at least once over the past year, a slight decline from the 44% recorded in a prior 2020 survey. Interestingly, the median monthly expenditure on betting was reported to be $25, with an impressive 92% of gamblers placing their bets through Singapore Pools.

Betting Preferences and Online Gambling

Among the betting preferences, games such as 4-D and Toto remain immensely popular, with 30% of respondents betting on 4-D and 29% on Toto. Further highlighting the popularity of these games, a whopping 97% of those who place bets weekly participate in lotteries like 4-D and Toto.

Counselors aiding problem gamblers note that the convenience of online betting via mobile phones has contributed significantly to the rise in betting amounts. Since 2016, Singapore Pools has enabled bettors to place wagers online, though restrictions such as a minimum age of 21 and a prohibition against gambling on credit are strictly enforced.

Impulsivity and Social Perceptions

Mental health professionals working in the field have pointed out that the broad range of sports available for betting, including major leagues like the English Premier League and Spanish La Liga, encourages impulsive betting behavior. With matches happening every day around the globe, many bettors will wager on games without knowing the teams.

Casual gambling is increasingly viewed as an acceptable form of entertainment. Mr. Billy Lee, executive director of Blessed Grace Social Services, noted that for many, gambling is perceived as a recreational activity that provides an adrenaline rush. For some lower-income individuals, it represents a glimmer of hope for financial improvement.

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