New Gambling Regulator Inaugurated in Singapore
Earlier this week, Singapore officially launched its new gambling regulator, the Gambling Regulator Authority (GRA).
The GRA has been tasked with staying on top of the latest global gambling industry trends in order to be able to respond more effectively to the latest developments in the industry. In particular, it will be looking at the ways in which the separation between gambling and gaming is becoming less distinct.
Singapore’s Minister for Communications and Information and Second Minister for Home Affairs, Josephine Teo, predicted that the gambling landscape is going to change drastically over the next five years and that the GRA has “to get ready for that future”. She also highlighted that casino related crime in Singapore remains very low, accounting for less than 1% of all crime.
The GRA will be regulating a large number of fields including casinos, online and offline lotteries, sports betting, and a number of operations available through an online or interactive games segment.
Teo explained how the new agency is needed in order to cope with the changing landscape and the rapid pace of technological advancement.
First, technology has significantly altered the gambling landscape, it has changed how people gamble. It is now easier to gamble anytime, anywhere, with people around the world, anyone. Demand for remote gambling has risen. Technology will continue to further enlarge the scale and scope of online gambling.
She also spoke about how customer preferences are changing and this is leading to the development of new gambling products. As such, the GRA has its work cut out staying on top of all the latest trends.
The Chairman of the GRA, Mr Tan Tee How, called upon the new agency to uphold high standards so that it would be an effective and credible gambling regulator.