Singapore boasts some of the best casino resorts in the world, no wonder online sports betting and other forms of gambling operate legally in this small nation in the Southeast Asian region. However, there are minimal restrictions that the government imposed.
The Singaporean government prohibits its citizens to patronize and place bets to offshore online betting sites and foreign online bookmakers that is why numerous foreign sports books and bookmakers have started its own Singaporean server which follows the country’s rules and regulations when it comes to online sports betting so that it can legally operate there.
These offshore online sports betting sites are required to transact the payouts and deposits under the currency of Singaporean dollars.
Togel Singapura, one of Singapore’s most relied and reputable online sports betting site prepared a short article on how Singaporeans deposit, transacts payout and deal with the offshore bookmakers and sportsbooks legally.
Offshore online bookmakers who abide Singaporean gambling rules and regulations offer two types of depositing to its clients. The first one is through internet banking where a person who has an online access to his or her bank account can transact a deposit to his or her chosen online sports website while the second one is through e-money or e-wallet which allows bettors to deposit funds in a licensed third-party payment transaction website.
When it comes to legality, Singapore’s gambling regulation agency always encourage online punters to transact with licensed European sportsbooks which follow international gambling laws and on top of that are licensed to operate. Singapore imposes two laws in gambling, the “Betting Act” and the “Common Gaming Houses Act” which ironically does not recognize online betting but with new laws passed, it transitioned to allowing online sports betting that underwent monitoring to operate under Singaporean gambling law. The main purpose of strict implementations for offshore online betting sites is to protect its citizens from fraudulent sites.
Singapore has its own betting pools and turf club websites that offer the same services these offshore betting sites and sports book offer to Singaporeans. Singaporeans can bet locally but they are prohibited to place bets and gamble remotely which means they are only allowed to gamble online in an online casino center. Singaporeans are not allowed to gamble at their home, office and other places through mobile devices and personal computers or in any other forms of communications technology that allows them to remotely gamble and bet online. This rule falls under the Remote Gambling Act of 2014.
The main purpose of this law is to prevent Singaporeans from randomly visiting suspicious and fraudulent online casino sites and online sportsbooks; in short, the government protects the welfares of the punters and the gamblers. The authorities have listed down the legal online gambling sites and online sportsbooks in numerous websites that can be accessed freely on the internet which offers online casino games and online betting.
Just like any other country, Singapore imposes this kind of laws to protect its citizens and at the same time protect the interest and income of local online casino sites and online sportsbooks to maintain the thriving gambling industry in this tiny but very progressive nation.