Singapore is a pretty new betting destination, considering the recent efforts to legalize gambling and the introduction of proper guidelines in 2005. Even though it lacks experience in the gambling industry, Singapore attracts a wide range of wealthy ex-pats from different Asian countries such as China and Indonesia who flock to Singapore’s two mainland-based casinos, bringing in millions of SGD into the economy every year.
This industry might be growing, but this doesn’t prevent the state from enforcing strict gambling laws, especially if locals are concerned. Singapore’s gaming activities are strictly monitored since the law stipulated that all locals should contribute with entry fees to access the Sentosa Casino and the Marina Bay Sands.
Singapore isn’t only restrictive with regards to online gambling. A few years ago, placing bets on the web has prevented Singaporeans from placing different bets of wagering at an online casino. Today, residents of Singapore can legally bet online but should only do so at state-licensed online casinos exempt from this prohibition.
A 2017 study showed that an increased number of Singapore players are betting despite the restrictions, which are imposed by the state. About 52% of the participants responded that they have participated in gambling in a year.
Sports betting is one of the most popular types of gambling among Singapore residents. The highly restrictive policies of the administration has caused many sportsbooks to pull out from this market, but most international betting sites still support this local currency and continue accepting registrations from Singapore.
Singapore players are keen on cricket, rugby, basketball, and soccer, but motor racing has increasingly become popular after the Singapore Grand Prix joined the FIA Formula 1 Championship. This article well discusses the legalities of sports betting alongside the biggest sports betting markets in Singapore. Also, you’ll find out more about the promotional rewards and payment methods available to punters.
Regulations And Legalities Of Sports Betting
Online betting is legal in Singapore if you place your bets with Singapore pools, the state-supported corporation which offers fixed odd wagers on domestic and international soccer as well as motor racing sports events such as formula 1. It utilizes the OpenBet platform for its online betting operators. Also, SG Pools holds a monopoly on brick and mortar bookies in Singapore.
The Singapore Turf Club is also exempt from state restrictions, which aim to prevent online gambling. The government-owned corporation is allowed to accept bets legally on horse racing through the dedicated application, which supports online, mobile, and telephone betting. Keep in mind that betting on the results of daily fantasy sports is prohibited since they are categorized as games of chance.
Sports bettors from a country who have attained the legal betting age of 21 years can use the online interface of Singapore turf club and Singapore pools. You’ll be required to first verify your identity before you can be allowed to place bets online.
Sports betting on any other site is against the law if you live in Singapore. Moreover, the government is responsible for keeping these illegal activities. In Singapore, ISPs are supposed to block the domains of international sports betting operators. In the same way, financial institutions such as banks aren’t allowed to process payments to and from unauthorized sports betting websites.
Online betting in Singapore is largely managed by the GRU (Gambling Regulatory Unit), which operates as part of the MHA (Ministry of Home Affairs). Furthermore, the promotion of online betting activities isn’t allowed in the country unless the two permitted operators, the Singapore Turf Club and the Singapore Pools, undertake it.
Online sports bettors in Singapore aren’t taxed on the winnings mainly because these are often considered to be windfalls instead of a reliable income source. It’s important to indicate that putters and unauthorized gambling operators are liable for violating the laws. Sports bettors who opt to participate in illegal online betting risk a fine of about $5,000 and about six months in prison.
Singapore Sports Markets And Betting Coverage
Singapore punters value and love sports despite Singapore’s restrictive stand on online sports betting. Some international sportsbooks continue accepting registrations from Singapore and give Singapore punters the option to utilize their local Singapore dollar currency. Such sports betting sites cater to sports gamblers, presenting bettors with a wide range of markets and leagues. Not to forget, the available odds are more competitive than those of the local operators.
Football is top-rated among Singapore sports bettors, who can choose from various betting types, including first goalscorer, first-half winner, over/under, and match betting. Sports bettors from Singapore also have an option of experimenting with the high advanced bets such as outrights or handicaps, where they should predict the result of the league to win or an entire championship.
Accumulators with different selections are also available at offshore bookmakers accepting Singapore players. Football events from major leagues usually receive great coverage, with many punters having the chance to bet on La Liga, Serie A, the Premier League, the Bundesliga, Ligue 1, and the world cup.
Basketball enthusiasts from Singapore face many diverse options, with some of the highly popular markets being the KBL, the NCAAB, and the NBA. Basketball competitions across china and japan are decently covered. Some of the most common punters one can make are overtime, handicaps, total points, and match.
Singapore players are very keen on slow-paced sports such as cricket and golf. Licensed offshore bookies that accept punters from the jurisdiction cater for this demand with a wide range of competitions such as the ICC World Cup; Ashes test cricket, the Walker cup, the open championship, the PGA Tour, and the Ryder Cup.
Local sports bettors have also become great fans of the yearly motor racing, which isn’t surprising since Singapore hosts the Grand Prix. International bookies allowed them to bet on different events, including the Speedway Grand Prix and Formula 1. The most popular sports markets from this class include the Constructors Championship Winner and Driver Championship Winner. The most daring bettors can take chances with risky wagers such as betting that gives the driver will complete on the podium.
Other Singaporean bettors love placing bettors on horse racing, volleyball, basketball, rugby, and tennis. International bookies have many advantages, starting with highly competitive odds. Bets are usually accepted on hundreds of pre-match and in-play markets.
Also, there are statistics sections that you can check to better understand your winning chances with a particular bet. Betting on sports while on the move is available as many sportsbooks for Singapore players either offer free download applications for tablets and tablets or run highly responsible sports betting sites.
Singapore Sports Odds Formats
There is a big difference between the available odd formats that include the Asian odds (commonly used by Asian bookies), the fractions (implemented by Irish and UK bookies), and the decimals (often associated with continental Europe).
Furthermore, we can differentiate between different categories of the Asian odds, beginning with Hong Kong odds that are similar to fractional odds utilized in the United Kingdom, but this probability is stated in decimals. This follows the Hong Kong odds that share many similarities with decimal odds; the main difference isn’t included in the returns. For example, if you bet $50 and win with 3.50 odds, you can collect a profit of $175 plus the original bet of $50 for a profit of $225.
The second type of expression includes an Indonesian odds that has many similarities with the American Moneyline. Nevertheless, as opposed to Moneyline, this format utilizes decimals, so if a specific selection has been stated as +100 on the Moneyline, Indo odds will be divided by a 100 and stated as +1.00. Furthermore, you can risk $$1 to win$1. On the other hand, if it was -1.00, the wager should bet $1 to collect a unit.
Furthermore, Malay odds usually bear many similarities to Hong Kong Odds. There is only a single difference between these two, in that they can be negative and positive. The Malay odds are reversed. The favorable odds show your winning chances to exceed 50%; therefore, you must stake over half the profit you can get. For instance, a winning stake at +0.50 odds returns $$0.50 per $1$ bet.
Unfavorable Malay odds show the probability of winning is less than 50%. So, a successful stake can win more than the original bet. To continue with the above example, a stake at odds of -0.5 earns $$1 for each $$0.5 you bet.
Nevertheless, most Singaporeans that wager on offshore sportsbook often work with European decimal odds format since it’s simpler to understand. It represents the winning amount you can get from a successful wager. Therefore, if you accept the bet at odds of about 3.75 and stake $$100, you get $$375 (3.75*$$100). Because the first bet is usually included in this betting amount, the net profits would be $$375 – $$100 = $$275.
Singapore Sports Betting Payment Solutions
The availability of payment methods is crucial yet often overlooked in placing bets on the Internet. Singaporean bettors are facing a few payment methods because of the administration’s restrictive rules on gambling online.
Almost every Singapore sportsbook accepts debit and credit cards by MasterCard, Maestro, American Express, and visa, but these card payments from Singapore are at times blocked because Singapore financial institutions are strictly instructed not to process payments to foreign-based betting sites. Sports bettors from Singapore can find alternative payment methods. One of them is Entropay, a popular virtual prepaid visa widely supported by international betting sites.
The high popular electronic wallets provided by skrill and Neteller usually offer highly secured and effective payments but aren’t available to Singapore bettors looking to join unregulated sportsbooks.
Withdrawals and deposits conducted through cryptos boast many success rates because this payment method is decentralized and doesn’t fall under any law and regulation. Singapore bettors have different choices of cryptocurrency, including ethereum, litecoin, and ripple, but bitcoin has over the years led the market and is globally available in nearly every sportsbook that welcomes gamblers from Singapore.
Keep in mind that it’s important for you to make sure your bookie of choice works perfectly with the local Singapore dollar to avoid paying extra fees. Furthermore, ensure you check the processing timelines of the betting sites you are interested in. being asked to wait for many weeks before you can receive your winnings is detrimental to a bettor’s experience.
Rewards And Bonuses For Singapore Sports Bettors
Another advantage of participating in online sports betting is that most Singapore betting sites treat you to some incredible bonuses for you to get started. Some of the available offers have the first deposit you make matched to a percentage.
For instance, an online betting site might offer a 100% welcome bonus of up to $100, so if you choose to sign up and deposit $100, the bookie will give you an extra $100, so you’ll have $200 to place real money bets. Nonetheless, for accepting the bonus, the players are required to bet the bonus several times as indicated in the bookie’s terms and conditions.
The free bet is another common type of sign-up bonus, given either immediately after signing up or following the first deposit, which meets the minimum requirements of this offer. This free bet is credited after the deposit is wagered at higher odds or minimum odds, but these differ between sportsbook accepting Singapore bettors.
We strongly recommend that you check out and compare the terms of the different sportsbooks to choose the bonus, which gives good value for your money. The free bets are often reserved for betting only, and you can cash out the funds after meeting the wagering requirements.
The bonus section of Singapore sports betting sites also features ongoing bonuses that target loyal customers. These include multi-tier loyalty programs, enhanced odds, and accumulator insurances.