Singapore appoints new regulator to expand gambling reach

Singapore has officially reunited and inaugurated its new Gambling Regulatory Authority (GRA), which will take over from the old Casino Regulatory Authority.

The new regulator will now have control over a range of gambling services within the island nation – including lotteries, casinos, sports betting and loot boxes in online video games.

The groundbreaking ceremony was held at the Suntec Singapore Convention and Exhibition Centre, where Second Home Minister Josephine Teo discussed the changing future of Singapore’s gaming industry – the basis for taking control of the new regulator – saying: “There are more and more variations of games, gambling and games of chance, such as those involving cryptocurrencies or using cryptographic technology.

Teo also touched on the early challenges the regulator will undertake in the future, saying it will focus on streamlining the license approval process as Singapore seeks to approve more licenses in the future.

In addition, his term will see him revise the Casino Control Act, with a view to broadening the regulatory regime. Currently, Singapore has two integrated resorts at Marina Bay Sands and Resort World Sentosa, but this is expected to change with the new system.

Ensuring that stricter regulation is put in place to address the risks caused by online gambling is another priority for the new regulator, with a new requirement for loot/mystery boxes to be limited at 100 Singapore dollars (73 US dollars). year.

A Home Office spokesperson commented on the upcoming regulations, saying: “The cap will prevent the incentive effect of high-value items and the normalization of youth gambling.”

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