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Online Gambling Operators Exiting Singapore
Thursday October 16,2014 : ONLINE OPERATORS START SINGAPORE EXITS
The parliamentary approval of tough new anti-online gambling laws spurs exit decisions.
The recent legislative approval for tough new anti-online gambling laws in Singapore has reportedly spurred several operators to commence withdrawal initiatives from the country.
Only a week after lawmakers passed the new laws, several online gambling companies have stopped registering new accounts, usually the precursor to a shut-down, and major operators Bet365 and IBC Bet have advised Singapore clients that they will be excluded in the immediate future.
The companies join others like 888 and SBO Bet in barring Singapore players in the wake of the new Remote Gaming Act, which makes both offering and playing internet gambling games an offence, with draconian penalties that include fines of S$20,000 to S$500,000 and up to seven years in jail.
Internet Service Providers may also be issued orders to block access to specific sites by the authorities, and financial transactions can be disrupted.
Local media reports claim that other major online gambling providers are also considering their options, specifically William Hill, which told reporters that once the law has been implemented it will withdraw. A Pokerstars spokesman said the company at present has no plans to exit, but that it is studying developments and will keep its players advised.
A spokesman for SBO Bet confirmed that the company would fully comply with the new law once an implementation date was released.
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Betfred has seemingly reversed its fortunes with a strong 2016 delivering a GBP 28,438,000 operating profit as opposed to the GBP 77,312,000 loss in fiscal year 2015.
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