Singapore has seen ever more scandals involving fake gaming websites.
Overall, there were 299 recorded annual cases, the number increasing by 18 between 2019 and 2020. The fraud victims had lost about SGD15.4m ($11.6m).
In fact, between 2019 and 2020, there were 83 false gambling incidents reported by police.
According to media sources, bogus web users were urged to open betting accounts on their websites to take advantage of gaming gambling vulnerabilities that would help them profit more easily.
Then those accounts would be locked, which takes more effort to decrypt them and cash out the winnings. The platform then bans visitors and stops all contact until the money was paid.
Both the scam victims and the fraudsters are subject to the Remote Gambling Act of Singapore. People who opened accounts may be charged up to SGD5,000, or sentenced to up to six months in prison.
However, gambling is not prohibited to the locals in Singapore. Indeed, in Q3 and Q4, the city-state's two intergrated resorts were sponsored by the local gaming community.
In the last quarter of 2020, Las Vegas Sands’ Marina Bay Sands raised $144m, a 106 percent boost from Q3. Genting Singapore’s Resorts World Sentosa are expected by analysts to show comparable results for Q4 when the operator publishes its February update.
Singapore has a huge expatriate population that enjoys pokies, and the city-state is collaborating with neighboring countries to create travel getaway bubbles, so the demand in Singapore is likely to see more growth.
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