Last week, Singapore’s Casino Regulatory Authority (CRA) entered an agreement with Nevada Gaming Control Board (NGCB) and signed a Memorandum of Understanding (MOU) to expand cooperation between two of the largest gaming regulators. The MOU is the first step in joint gaming regulations between the two casino authorities and for Singapore it’s the first international partner authorized by the Singaporean gambling laws.
The Memorandum will provide more collaboration between the two countries on the matters of gambling regulations and control. It stretches to such areas as exchange of expertise, information, know-how, staff training and bilateral visits as well as an annual meeting of two authorities.
Residents of Singapore are currently only allowed to gamble at land-based casinos, which are fully licensed and regulated by CRA, and only after paying a heavy $100 entrance fee. However Singaporeans can play at a wide selection of foreign-based online casinos in Singapore. The partnership with NGCB, which controls Las Vegas casinos for close to 75 years, will allow CRA to tap into the American expertise in regards to future gambling laws and casino crime control.
CRA representative, T. Raja Kumar, commented on the newly signed MOU: “Our relationship with the Nevada Gaming Control Board goes back to the days when the CRA was first being set up and still learning the ropes in this industry. Nevada’s experience in regulating casinos and their open sharing on regulatory best practices have been useful to the CRA as we were developing the casino regulatory framework for Singapore.”
Chairman of NGCB, Mark Lipparelli, had the following to say “As our licensed gaming operators expand their businesses globally, we believe it is critical to establish and foster meaningful relationships with regulatory bodies in different parts of the world. The CRA has established a respected plan for regulation and they share many of our philosophies for appropriate regulatory oversight.”
He also added: “This agreement makes formal the strategic ties we have developed with a respected regulator including benefits in the areas of exchanges of information on common licensees and reduction in cost and time spent for probity investigations.”
Rumors are floating around the island-state that Singaporean CRA will use Nevada’s example and expertise to license and regulate online sportsbooks in Singapore and perhaps even online and mobile casinos. Last week, Nevada became the first state in the United States to regulate and license online and mobile casino gambling.
Whether Nevada’s online betting regulations will be used as a template for future Singaporean laws remains to be seen, yet the partnership is sure to benefit the players and casino regulators in both gaming markets.