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Bet365 Among Operators Leaving Singapore Gaming Market
- October 16, 2014 By Nemanja L. -
Several high-profile online gaming operators including Bet365 have decided to pull out of Singapore market after the city-state passed the new gambling legislation.
Singapore government passed the Remote Gambling Bill last week, which basically forbids foreign online operators from offering their services to country residents.
The legislation will come into effect some time next year, but a number of international gaming companies have decided to sever their ties with a highly lucrative market.
Bet365 and IBC Bet First to Leave
Today Online newspaper has revealed that Bet365 has told their Singaporean players they will not be able to place wagers as of Wednesday 15th October, asking them to withdraw their funds from gaming accounts as quickly as possible.
One of world’s largest and most reputable gaming companies pays special attention to complying with local gambling laws and their latest move is, therefore, not surprising.
Asian operator IBC Bet was another high-profile company to sever its ties with Singapore, having informed its customers that their accounts will be closed on 17th October.
Meanwhile, 888 Holdings and SBOBET, two of the largest gaming companies in Europe and Asia respectively, have announced they will not be accepting new players from Singapore. Nevertheless, the two operators plan to take full advantage of the time until the new bill is effective and possibly make up for some of the profits they are bound to miss out on in the future.
William Hill and PokerStars will continue to provide their services to gamers from Singapore until the official announcement, and they didn’t feel the need to comment on the latest developments.
Singapore’s Remote Gambling Act
Passed in Parliament just a week ago, the Remote Gambling Act has been designed to ban all remote gaming activity, with operators that fail to comply with the latest rules facing hefty fines as well as jail time.
Certain gaming companies have a chance to apply for exemption, but only if they are home-based and non-profitable, meaning there is unlikely to be many of these applications.
Software developer companies based out of Singapore who provide different services to remote gambling operators have yet to learn where they will be allowed to continue their operations once the new law comes into effect.