One question that arises from these financial reports is: What does Singapore Pools do with the money that it makes? The answer is that it is extremely profitable. As you can see by the long queues outside the outlets, it is a very profitable company. What is even more surprising is that they are granted exemption from the Remote Gambling Act 2014.
In addition to sports betting, Singapore Pools offers horse racing betting, lottery betting, and mobile apps. Users can make withdrawals via a bank connection, online, or by visiting one of their retail outlets. To withdraw funds, users need to have their User ID and password or their username and password. You can also withdraw funds through a check or Direct Debit Payment. You will need to pay a fee of $0.10 per withdrawal.
Despite being Singapore's only legal gaming operator, Singapore Pools is not a conventional company. It has long been an aging business. Singapore Pools has been focused on transforming itself from a rigid, old-school operation to a dynamic, agile business that takes advantage of new technologies. The company's recent implementation of its PoolzConnect telephone betting system based on Internet Protocol (IP) and linked to a local bank is an example of this. Its objective is to provide a personalized betting service to customers.
Singapore Pools is the largest betting game establishment in Singapore. It was established on 23 May 1968 as a practical solution to the problem of illegal gambling. The illegal bookies remain, but with significantly less customers. With this new structure, Singapore Pools can focus on delivering a safe environment for bettors and channeling gambling revenue to charitable causes. This is one of the reasons why it has earned the trust of the Singapore people.
In FY2019, Singapore Pools collected nearly S$9bn from lottery tickets and betting. Almost 70% of this amount was returned to winners. Another 22% went to the Tote Board in the form of tax revenue. A further 5% was channeled through the Tote Board to various worthy causes like community development, arts, health, and sports. Lastly, 3% was set aside for operating costs.
IGT's Aurora platform is a good match for Singapore Pools. With Aurora Navigator, it offers a central management system to manage lottery applications and back-office operations. The data connector and the Aurora Anywhere products will further streamline the products offered by Singapore Pools. IGT continues to be the number one lottery solution provider in the world. If you are interested in finding out more about this product, visit the IGT website.