Singapore’s Tote Board has released its annual report for 2021/2022, signaling a 40% rise in lotteries and sports betting turnover compared to the numbers recorded in the previous year. The total wagers on the two segments reached SG$9.2 billion ($6.80 billion) and they primarily aimed at games like Toto, 4-D, and soccer, according to data from Tote Board’s last financial year report.
The Tote Board is an organization that focuses on grantmaking while working closely with partners and stakeholders and channeling the gaming and financial surplus of lottery operator Singapore Pools and horse racing operator Singapore Turf Club together with a selection of casino entry levies.
Historic Wagers on Lotteries and Sports Betting in the Last Ten Years
The previously mentioned figure does not only represent a 40% increase from last year’s SG$6.57 billion ($4.84 billion), but the Tote Board has also reported it as the largest sum of wagers placed on soccer and motor racing bets and Toto, Singapore Sweep, and 4-D lottery games in the last ten years. The historical increase was primarily attributed to the city-state in Southeast Asia finally deciding to lift its Covid-19 restrictions.
According to the executive director of We Care Community Services, Tham Yuen Han, the rise in global soccer matches in the context of the lifting of restrictions was a determining factor that led to the rise in betting. The high accessibility and simplicity in use provided by the online betting platform belonging to Singapore Pools was an additional reason for the recorded increase in wagers.
Singapore Pools outlets together with the country’s two casinos and the Singapore Turf Club were forced to shut down between April 7 and June 1, 2020, because of the imposed circuit breaker. The facilities resumed their activities on different dates. Retail outlets belonging to Singapore resumed their operations on June 22, 2020.
Singapore Pools Brings $2 Billion in Taxes to the Government
Established as a not-for-profit organization by the country’s government in 1968 to offer safe and reliable betting that would help fight against illegal gambling, Singapore Pools brings the government around $2 billion in taxes and duties on a yearly basis. All of the organization’s surpluses are channeled toward the Tote Board for funding a rich selection of good social causes including sports, community development, education, health, and arts. Since 2004 onwards, the Tote Board has received more than $5 billion from Singapore Pools. In the past three years, Singapore has managed to crack down on illegal gambling activities. According to police reports, more than 2,400 arrests took place over this period, with 800 arrests related to illegal forms of sports wagering.