Singapore public spent record $12.2b on lottery, sports betting and horse racing last financial year
When it comes to getting our kicks, there may be nothing else Singaporeans love more than placing bets.
Well, the Singapore public has spent a record $12.2 billion on lottery, sports betting and horse racing in the last financial year, according to the Singapore Pools annual report 2023/24 released on Tuesday (Nov 5).
Data from the annual report shows that their revenue has increased by 7%, up from $11.4 billion in the previous financial year, reported Lianhe Zaobao.
According to the annual report, $11.87 billion was returned to Singapore and Singaporeans via $9.14 billion in prize payouts and $2.29 billion in gambling duties and taxes.
This also includes some $437 million which was also channelled to the Tote Board, where the money was spent on supporting community-based projects.
Singapore Pools is a fully-owned subsidiary of Tote Board, which reports to the Ministry of Finance.
Out of the $12.2b, its operating expense was $332 million (3%), one of the lowest in the world for a gaming operator.