Just a few weeks ago, we at Casinova.org reported that gambling addiction is getting out of control in Australia. Gambling is also widespread in Singapore and very popular with both locals and tourists. The recently published annual report of the state lottery company Singapore Pools shows that in 2023, total sales of over 12 billion euros were generated in the gambling sector in Singapore.
The two casino resorts in Singapore alone generated sales of over 5.2 billion SGD in 2023. This equates to over 3.6 billion euros. In addition, there are around 12.2 billion SGD, or around 8.5 billion euros, that were earned in the areas of lotteries, horse racing and sports betting. Compared to the previous year, the providers were able to enjoy an increase in revenue of around 7%.
In total, the equivalent of over 12 billion euros was invested in gambling activities in Singapore in 2023. Since only around 5.6 million people live in Singapore, this means that on average every resident of the Southeast Asian island state has invested the equivalent of over 2,100 euros in gambling.
Although sales in the gambling sector are extremely high, the laws in Singapore are extremely strict in this regard. For example, online casinos are completely banned in Singapore. So anyone who wants to play classic slot machines or try their luck at blackjack or roulette will inevitably have to visit one of the two casino resorts. In land-based casinos, there is also a minimum age of 21. It was only in mid-October this year that we reported that Singapore was restricting the use of crypto in casinos.
By the way, crypto casinos come in different types:
Singapore is an island and city in Southeast Asia and has only around 5.6 million inhabitants. According to the Economist Intelligence Unit, Singapore was the most expensive city in the world at least in 2014. Its residents are also among the richest in the world. In addition, the quality of life in Singapore is considered to be particularly high.
Of course, it is not just the gambling operators who benefit from the good sales. Last year alone, Singapore’s state treasury was also able to enjoy tax revenues of 2.2 billion SGD. This equates to an amount of over 1.5 billion euros. A not insignificant share of the turnover of 437 million SGD (approx. 310 million euros) was also reserved for supporting charitable projects.
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