When people think of gambling, they think of the Las Vegas Strip or the high rollers of Monaco. Singapore, however, is up there with some of the biggest global gambling hubs, raking in a gambling revenue of SG $5.25 billion (US $3.98 bn) in 2023.
But, how does Singapore’s gambling industry compare with some of the biggest gambling countries and cities in terms of revenue and regulation? Let’s find out.
The World’s Largest Gambling Hubs
By the end of 2023, the global gambling market was estimated to be valued at SG $706 bn (US $540 bn). Gambling is a fragmented industry, being only legal in certain countries, and some behemoths in the industry dominate the market share:
- 1. United States: SG $66 bn
- 2. United Kingdom: SG $24.33 bn
- 3. France: SG $19.5 bn
- 4. Canada: SG $18.3 bn
- 5. Australia: SG $14.26 bn
When it comes to individual cities, Las Vegas (US) and Macau (a special administrative region of China) are the largest contributors to the global gambling market. Las Vegas has over 170 casinos and 90 casino hotels, while Macau has just shy of 50 casinos and 58 casino hotels.
Las Vegas reports a monthly revenue averaging SG $870 million, while Macau brings in SG $3.3 bn monthly. The reason China is not included in the list of countries above is because Macau is an administrative region of China with separate economic systems.
Singapore is estimated to be 12th on the list of the largest gambling nations, with two major casino resorts: Resorts World Sentosa and Marina Bay Sands.
Singapore’s Gambling Market Revenue
As mentioned, Singapore’s gambling revenue at the end of 2023 was estimated at SG $5.25 bn, which makes it the 12th largest market in the world. And, although Singapore does not bring in the most revenue, it does have the second highest rate of gambling losses per person, with each gambler losing around $725 per year.
Online gambling is especially popular in the country as the best online casinos for SG players offer better accessibility and convenience for residents. Land-based casinos in Singapore are only legalized when located within integrated resorts, restricting gambling to those who live close by or can travel.
Latest statistics show that the online gambling market in Singapore is projected to grow from SG $8.6 million in 2020 to SG $11.25 million by 2025, with a growth rate of 5.5%. This is slower than the estimated annual gambling market growth rate of 10.1%, but it is still significant.
Comparatively, the other gambling hubs have the following predicted annual growth rates for online gaming:
- 6. United States: 9.77%
- 7. United Kingdom: 3.62%
- 8. France: 4.44%
- 9. Canada: 6.39%
- 10. Australia: 2.10%
Clearly, online gambling has the potential to become lucrative in Singapore compared to some of the other top gambling nations.
Why Online Gambling Is So Popular In Singapore
There are several reasons why online gambling is seeing significant growth in Singapore when compared to other countries.
Fast internet speeds
Online gaming requires a stable and fast internet connection, something which is readily available to Singaporeans. According to Statista, 5.84 million people have access to the internet in the country, which is about 96% of the total population. This access to a stable connection is one factor driving the popularity of online gambling.
Rich country
According to the International Monetary Fund, Singapore has a current GDP per capita of SG $115,690 (US $88,450). This makes it the richest country in Asia, and the fifth richest in the world (after Luxembourg, Ireland, Switzerland and Norway; all located in Europe).
What this means is that there are plenty of residents with disposable income that can be spent at physical and online casinos.
Gambling regulation
Singapore regulates online casinos on licensed platforms, meaning citizens can enjoy all their favourite casino games without fear of breaking the law.
Gambling Regulation In Singapore
Singapore legalised casinos in 2005 and gambling is currently regulated by the Gambling Control Act, the Casino Control Act and the Gambling Regulatory Authority of Singapore, which was founded in 2022.
The reason why Singapore legalised gambling was to drive tourism revenue, which at the time faced a lot of competition from neighbouring Thailand and Hong Kong.
Compared to the other gambling hubs, Singapore was a bit late to the legalisation process, as Nevada (US) legalised most forms of gambling in 1931, and the UK’s Betting and Gaming Act came into force in 1960 which allowed for gambling in the country.
Despite only legalising casinos in 2005, Singapore has proven itself a worthy contender in the global gambling sector, with higher projected market value growth than many of the current gaming hubs.