Whilst the government mulls online gambling bans, Singapore Pools plans some online action.
Lottery monopoly Singapore Pools is exploring ways to offer an online betting option to registered members as part of plans to revamp its portal, reports the Straits Times.
One proposal is upgrading the existing members’ portal to allow those who sign up with its phone betting system to place bets online. They can now log on only to check previous transactions and must call a hotline to place bets.
Adults seeking to register as members and set up accounts would have to meet criteria that include identity and credit history checks.
News that the company plans to launch the first licensed gambling website to be based in Singapore comes on the heels of an earlier government announcement that it is to consider bans and restrictions on online and mobile gambling in the Asian nation .
Government has in the past resisted expansion plans from the Pools, but that has not deterred the operator from trying to persuade government and other entities to go along with its latest online initiative.
The Singapore Pools monopoly is operated by the nation's Totaliser Board and offers mainly retail services that include prop betting on football and motor racing.
The potential for the Singapore online sports betting market is substantial; with a growth rate of around 7 percent it is estimated at $370 million p.a. by analysts.