Singapore launches new gambling regulator watchdog

About five months after ratifying the new regulatory legislation, the Singaporean government reportedly launched a new gambling regulator watchdog to directly replace its former casino regulator body.

According to a report by GGRAsia, the official appearance of the new watchdog comes after the former British enclave approved a new gambling control law on March 11, which took effect earlier this month to establish a single agency responsible for regulating all forms of gambling. The sources also explained that the law introduced stricter penalties for those found to carry out or encourage illegal gambling activities and made it illegal to participate in "proxy gambling".

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Singapore is home to more than 5.4 million people and has reportedly operated a casino double monopoly for more than a decade, housing the development of Genting Malaysia's Berhad's 1,800-room Resort World Sentosa and Las Vegas Sands Corporation's much larger Marina Bay Sands facility. Gambling regulators are said to be overseeing the situation under the guidance of Te Chunching, who previously served as president of the casino regulator, while retaining new streamlined powers related to various forms of legal gambling licensing on a raft.

iGaming Interests:

Singapore's Interior Minister Josephine Teo attended a special event earlier today to mark the launch of gambling regulators and said the move would allow the Asian city-state to tighten restrictions on gambling behavior, GGRAsia reported. In addition, the politician said Prime Minister Lee Hsien Loong's government would further revise the Casino Management Act to respond to a range of new challenges, including those related to an increase in online gambling.

According to reports, he read Theo's statement...

"There are more and more variations of games, gambling and coincidences, such as involving cryptocurrency or using cryptographic technology."

Important supervision:

Gambling regulators have reportedly been given the power to issue licenses to companies seeking to legally provide a range of services, including sports betting and lottery tickets. In addition to the rules of the jurisdiction's 'fit and proper' operator testing, the watchdog has also been given control over the certification of private gambling venues such as slot stores and member clubs.

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