The Singaporean legislature has enacted a fresh law to modify the way gambling is overseen. This legislation was ratified after its second review.
The new law consolidates all the diverse governmental bodies previously involved in gambling regulation, including the Casino Regulatory Authority (CRA), the Ministry of Home Affairs’ Gambling Regulatory Division, the Singapore Totalisator Board, and the Singapore Police Force.
This newly formed entity will comprise 17 members, who will be selected by the Singaporean Minister of Home Affairs. Each member can serve for a maximum duration of three years.
The new entity possesses the authority to grant, renew, and revoke licenses. They can also impose penalties on individuals who violate the new gambling legislation.
Singapores fresh **Gaming Regulation Act** is a significant development. It modernizes the previous **Casino Oversight Act** from 2006, making matters more transparent for all.
The new legislation takes a firm stance against illicit gambling, encompassing online activities and betting through a third party (known as “proxy betting”). Individuals violating these regulations could face substantial fines and even lengthy prison sentences.
The Act also grants licenses for diverse forms of gambling, including slot machines, wagering, and lotteries. License holders must pay renewal fees to maintain their authorization.
The government asserted the necessity of this new legislation due to the blurring lines between gambling and other forms of entertainment in the contemporary landscape. Their objective was to ensure fairness and safety across the board.
Prior to the law’s official implementation, it will undergo scrutiny by a panel to ensure it does not discriminate against any ethnicity or faith. Following this review, the President will sign it into law.