Reports SINGAPORE - MARKET UPDATE
per cent of overall crime. However, the changes are expected to help streamline the gambling regulatory services.
Singapore hasn’t really kept up with the growth of gambling in non-traditional products whilst the line between gambling products and skill- based gaming has become blurred. Tere have been many questions raised over ‘loot boxes’ due to their high reward factor and links to problem gambling. Te problem is they haven’t been regulated properly under existing laws.
Wai Ming Yap, partner at Morgan, Lewis & Bockius said: “As part of the MHA’s review and amendment of existing gambling legislation, we are likely to see an expansion of existing legislation, or the introduction of new legislation to regulate non-traditional gambling products such as ‘loot boxes’. A number of other jurisdictions such as the UK, Japan and China have already adopted regulations in respect to loot boxes, such as by requiring the drop rates for ‘loot boxes’ to be disclosed or introducing age and other restrictions. Other countries such as Belgium have banned ‘loot boxes.’
“Any regulation of such gaming products with gambling elements will need to be carefully balanced against the interests of the gaming industry and game developers. Singapore has generally been supportive of legitimate gaming businesses (as opposed to the casino style gambling and sports betting business) and has introduced initiatives to ensure the continued growth and development of the gaming industry particularly e-sports.
“We may also see regulation being introduced in respect of betting on e-sports events which is becoming increasingly popular in Asia. Currently e-sports betting is not expressly covered by existing gambling legislation in Singapore.
“It is also possible that we may see a consolidation of the various gambling legislations in order to streamline the gambling regulatory landscape in Singapore. We may also see stricter anti-money laundering and terrorism financing regulations being put in place in relation to gambling operations.”
Tere is a tough enforcement stance against illegal gambling and strict laws on gambling including fines of up to S$5,000 or imprisonment for up to six months can be issued for offenders.
With changes in technology and the accessibility of gambling via remote services the need for an overall regulatory authority is required to oversee the entire industry.
Shiying Deng, Senior Manager, Media Relations P58 WIRE / PULSE / INSIGHT / REPORTS
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