Singapore has passed proposed changes to its Casino Control Act, helping to future-proof the industry. This includes facilitating cashless gaming but falls short of allowing cryptocurrency to be used in casinos due to “money laundering risk”.
During the passing of the bill amendment in Parliament on Tuesday, lawmakers did not focus heavily on the new changes to allow the Gaming Regulatory Authority (GRA) to regulate all other forms of gambling offered in casinos, expanding its oversight beyond just games of chance to betting and lotteries”.
Speaking to AGB after the bill’s first reading, legal expert Lau Kok Keng indicated that “The effect of such an amendment would potentially open the door for future betting and lotteries to be offered within casinos, perhaps within the context of collaborative tie-ups between the casinos and Singapore Pools, although it is uncertain if this will ever take place”.
Reporting on the newly passed bill, CNA indicated that Singapore’s Minister of State for Home Affairs and Social and Family Development Sun Xueling fielded multiple questions about the new changes.
One such change is to transfer the power of approval of main shareholders in casino operators from to the Minister for Home Affairs. Sun Xueling indicated the change was to “ensure continued alignment between the IRs and the Singapore government’s strategic objectives”.
Simultaneously, however, the GRA’s Evaluation Panel has been granted authority to take into account “future industry standards and market demands” when conducting its reviews, something Lau Kok Keng had indicated helps integrated resort operators to “comply with anticipated regulations and industry practices, reducing the risk of subsequent costly adjustments or unexpected legal issues”.
On the topic of allowing the GRA to allow new wagering instruments, particularly virtual credits.
Minister Sun gave an example: “where a patron may place wagers at either the gaming tables or gaming machines by drawing down virtual credits directly from his cashless gaming account or e-wallet”.
But the GRA has “no intention of allowing cryptocurrency to be used as chips for casino gambling,” indicated the official.
Also approached was the idea of loot boxes, which continue not to be regulated as a form of gambling. However, Sun indicated current regulations around loot boxes are “balanced”, noting “if we find that loot boxes are becoming a significant driver of gambling inducement, we will review our regulations”.
Regarding the government’s faux pas in letting its entry levy increase lapse in April, while still collecting the higher amounts for over a month (totaling SG$4.4 million more than required), Minister Sun assured that the higher amounts would remain in place.
Sun noted, “I do not think that there were expectations that the rates would revert to the earlier lower rates after the five-year period”. The official furthered “that said, we are not treating this incident lightly. We have been upfront to acknowledge the issue and have come to parliament to validate the excess collections during this period”.
Further changes to the legislation include allowing casino operators to directly share personal information about patrons without their consent, rather than the process being facilitated by the GRA.
They also include changes to make casino operators liable for regulatory breaches even after their licenses have lapsed, if the action occurred before the lapse.
Other amendments aim to tackle cheating in casinos, such as to label an offense withdrawing bets after the result of a game is known.
