The Singaporean gambling enterprise, a government-owned monopoly, has witnessed its earnings exceed pre-COVID-19 levels by over 20% in the 2021-22 financial year, climbing from S$84 billion in 2018-19 to S$101 billion (approximately €72 billion/€63 billion/€72 billion).
The primary catalyst for the revenue surge, according to the operator, was sports wagering. The inclusion of five new South American soccer leagues to its offerings, coupled with the resumption of postponed events (notably the 2021 European Championship), resulted in a one-time spike in earnings.
Lottery earnings have also rebounded to pre-pandemic levels, but horse racing betting remains below anticipated levels due to ongoing COVID-19 restrictions at wagering venues.
Total funds collected through gambling taxes and levies amounted to S$21 billion, a 30% increase from S$16 billion the preceding year, but still not considerably above pre-pandemic levels.
Surplus paid to the Gambling Commission reached a record S$4.64 billion, compared to S$4.56 billion in 2019-20 and S$4.55 billion in 2018-19, due to higher revenues and reduced operational expenses compared to prior periods.
Digital Strategy
In the wake of the global health crisis, this government-owned branch has encountered both advantages and obstacles arising from the digital revolution and technological progress.
The head of Singapore Pools, Kay Nagovalar, remarked that the recent health emergency and technological developments have spurred the adoption of digitalization, influencing all facets of life. He further stated, “This has allowed Singapore Pools to adopt more digitalization in its business practices to better fulfill customer demands. However, unfortunately, technology has also made it easier for illicit operators to reach a wider audience.”
“In an increasingly digital environment, Singapore Pools aims to stay current and continues to strive towards digitizing its operations under the SP2025 strategic plan, which is led by the Transformation Project Office in collaboration with operational departments.”
Nagovalar outlined how this strategy aligns with the organization’s human resources initiatives.
“In terms of human resources, we are investing heavily in talent development and taking a long-term perspective, believing that individuals are the heart and soul of the organization, possessing deep intrinsic knowledge. I believe this combined investment in talent and technology will be the key to Singapore Pools’ success in the years to come.”
In March of this year, Singapore Pools signed a six-year agreement with IGT Global Services Limited, a subsidiary of International Game Technology (IGT), to provide the operator with the company’s Aurora central lottery system.
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