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Sports Betting

FOOTBALL BETTING: WHICH LESSON SHOULD BE LEARNT FROM SINGAPORE? (TO BE CONTINUED)

In South Asia, football betting is no longer a big deal which has appeared in many nations such as Malaysia, Singapore, Philippines, Vietnam and recently, Cambodia. However, football betting is considered to thrive most successfully in Singapore with the renowned betting firm named Singapore Pools, one of the biggest sponsors for S-League.

The betting activities taking place in Singapore have been legalized since 1968 with the establishment of Singapore Pools. According to the regulations of Singapore Pools, the participators who take part in any types of betting, casinos or lottery need to be at least 18 years old. Nowadays, there are several types of betting which Singapore Pools has been organizing, including football betting, bet on the Formula One Race (F1), 4-Digits (4D), Toto and the latest, Scratchit with the price of 1,2,5 and 10 SGD and Sweep with the price of 3 SGD.

The customers of Singapore Pools can also sign up the golden or platinum PoolzConnect account to play bet or buy “numbers” via telephones. However, the compulsory requirement for players is that they must  be over 21 years old. The golden accounts are opened for foreigners under the financial condition that they must afford at least 250 SGD in their bank account, while the platinum accounts are only tailored for Singaporean. 

In betting on sports, Singapore only puts limit on the minimum bet which is 5 SGD, there is no maximum one. The winner of any plays and bets which rewarded prize is below 5.000 SGD will be given the money via bank account, or via cheque only if the prize is over 5.000 SGD. Singapore government believes that, by this way. taxes on personal income can greatly be under control.