Punters in S'pore spent record S$12.2 billion on lottery, sports betting & horse racing last financial year

People in Singapore spent a record S$12.2 billion on lottery, sports betting, and horse racing in the last financial year that ended March 2024, according to the Singapore Pools latest 2023/ 2024 annual report out on Nov. 5.

Data showed revenue was up from S$11.4 billion in the 2022/ 2023 financial year, or about 7 per cent higher.

In the 2021/ 2022 financial year, the turnover was S$10.1 billion.

Details

For the latest financial year, S$332 million, or 3 per cent of the turnover, was spent on expenses.

The remaining 97 per cent, or S$11.87 billion, was returned to Singapore and punters in the form of prize payouts (S$9.14 billion), gambling duties and taxes (S$2.29 billion), and contribution to the Tote Board (S$437 million).

Money channelled to the Tote Board was spent on supporting community-based projects.

Singapore Pools is a fully-owned subsidiary of Tote Board, which is a statutory board under the Ministry of Finance (MOF).

The annual report stated: "Gambling will always exist, and Singapore Pools exists to serve the public good by diverting demand away from illegal gambling operators and channelling funds towards causes that uplift the lives of Singaporeans."

The expenses incurred by Singapore Pools include outlet refurbishment efforts, such as design refreshes, over the years.

According to a message from Singapore Pools CEO Lam Chee Weng and chairman Kai S. Nargolwala: "There are also increasing offerings by the illegal operators."

"To address these challenges, we will be focusing more on areas such as customer retention and diversion, modernising our retail network and driving online adoption," they said.

Among other improvements in the last financial year was the upgrading of smoking rooms at live venues to provide better air quality.

Top photo via Google Maps