Proxy gambling, social gambling, and financial products
2022 Singapore Gambling Law Updates
The regulative body of Singapore comes up with yet another change in gambling. This article might be an important read. Because the online gambling sites in Singapore have been threatened before by the regulative regime. We witnessed Singapore prospering thanks to casinos. Because the government even had the ability to make important financial decisions such as banning low-income gamblers from casinos. In 2019, the Singapore gambling industry saw a steady decline. This might occur again, however, the safety of gambling will be improved. Without further ado, let’s check out the 2022 Singapore gambling law updates.
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According to Morgan Lewis, the 2022 Singapore gambling law updates are bringing a new possible offense. Because Proxy Gambling is going to be illegal from mid-2022. Proxy gambling is the act of placing bets based on the instruction of others. There are countries where gambling proxy is a legal service. However, Singapore is not one of them. Because Singapore will fine the gambler for $10,000 or 12 months of jail if they decide to gamble with proxy services. The reason behind this is the fact that Proxy Gambling is ridding gambling from its core definition. This means that taking the advice of someone outside of the area is going to be illegal. If you live in Singapore, you shouldn’t worry about listening to a friend’s advice while gambling. However, you may start to worry if your business revolves around giving betting tips or live-casino suggestions.
Updated Age Restrictions
If you live in Singapore, and you are a young gambling enjoyer, then we have bad news for you. Up until today, the minimum age for gambling was 18 years old for toto. The 2022 Singapore gambling law updates this age requirement to 22. This means that if you are under 22, you may have to wait another two years before participating in gambling again.
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This raises a fair question, because if you bought a VIP or club card for a retail casino, then you may inquire about monetary returns. From now, if you are under 22, you can not gamble legally, nor can you enter a gambling area. This means that any underage person must stay out of these areas. Because just like in Hungary’s tobacco regulations, you will be asked to leave the area, and even shaded glasses on public gambling can be imagined for implementation.
Establishing One Regulator
According to the JDSupra, at the moment, there are four governing bodies just for gambling in Singapore. With the 2022 Singapore gambling law updates this will change. Because around May, we can expect an authorial change in their system. Because at the given moment, there are four regulative bodies that are governing and overseeing gambling activities. These are the following offices:
Singapore Totalisator Board - Regulators of physical gambling
Casino Regulatory Authority - Regulators of retail casinos
Gambling Regulatory Unit - Regulators of online gambling
Singapore Police Force - Enforcing actions against illegal gambling
Picture Source: Pixabay
While these departments are predominant in a governing system, having four independent gambling regulators is not efficient for the betterment of the country. Because these will be merged into one unit, called the GRA - Gambling Regulatory Authority. This will be established in mid-2022. This is one of the most important changes within the 2022 Singapore gambling law updates. Furhermore, they are going to focus on regulating the gambling advertisement. The focus of the new regulative body is going to be the enhanced ensurance of safety. This includes the safeguarding of minors and low-income adults.
2022 Singapore Gambling Law Updates
According to Asgam, the 2022 Singapore gambling law updates are going to include the definition of social gambling. Because so far, the definition of social gambling hasn’t been defined. It is in the highest interest of a government to not restrict casual activities between families and friends.
Picture Source: Flickr
This means that you can place bets and you can gamble within your family circle. With the 2022 Singapore gambling law updates, from now people may gamble within their family and household. However, they can not participate in online social gambling. This means that if you wish to participate in social gambling, then you may do so in real life. You can not create a Facebook group in which you invite your family and friends to gamble. Because that will be considered an illegal gambling ring, and not social gambling.
Financial Products - Crypto, NFT, Stocks, Shares, etc.
It is a fair debate whether investing in cryptocurrencies, NFT-s, stock market, or company shares is gambling or not. Because often these financial products are working with the same mechanics as gambling. You buy it for cheap, hoping the value will increase so you can sell it later.
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However, the 2022 Singapore gambling law updates are mentioning that the government has no intentions of defining these activities as gambling. While they share traits, these will be called ‘financial products. And they will be, and already are regulated by the Monetary Authority of Singapore. These are falling under the term of technology-neutral gambling.
Available gambling - 2022 Singapore Gambling Law Updates
As you can see, the 2022 Singapore gambling law updates did not sanction online gambling in any way or form. This means that you can still visit online gambling sites without worrying about committing an unlawful activity. To cherish this, visit 1xBet Casino. Because if you register today, you can enjoy the welcome bonus of 100% up to €300. And on top of that, they welcome you with 30 Free Spins. Remember to always play with responsibility and stay gambling aware. It seems that these online gambling sites will be available for another four years without having to worry about the regulative body banning them.
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