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How to Start a Betting Agency in Singapore

How to Start a Betting Agency in Singapore

Foreign entrepreneurs who want to open companies in Singapore can set them up in various industries, among which gambling is quite sought in the city-state considering the latest developments in terms of legislation. Moreover, Singapore is one of the few countries in which the establishment of casinos or other types of gambling activities are very well regulated and benefit from openness from the government.

Foreign investors who want to take advantage of the gambling regulations can open betting agencies in Singapore. Our company formation consultants in Singapore can explain the laws and licensing requirements related to starting a sports betting business in the city-state.

Legislation to be respected by betting agencies in Singapore

As mentioned above, the sports betting branch in the gambling sector is very well regulated in Singapore. Those who want to open a company in Singapore in order to carry out sports betting activities in 2024 must comply with the following laws:

  • the Common Gaming Houses Law which provides for land-based facilities offering betting services;
  • the Private Lotteries Law which partially covers activities related to sports betting;
  • the Singapore Remote Gambling Law which provides for betting activities conducted online;
  • the Betting Law which covers all the aspects related to the restrictions of private betting operations.

Our Singapore company formation consultants can help foreign investors register their companies for offering betting services.

The Singapore company formation process of a betting agency

Those who want to open betting agencies in 2024 must first complete the company registration procedure in Singapore. Our local advisors can handle this procedure on behalf of foreign entrepreneurs.

With respect to applying for a license for offering betting services, the Singapore company will need to apply for the operating license with the Casino Regulatory Authority. The activities of sports betting agencies in Singapore are supervised by the Monetary Authority, the Media Development Authority and the National Council on Problem Gambling in Singapore.

Gambling and betting activities in Singapore

Singapore has one of the largest online casino markets in Asia, accounting for 4% of the entire gambling industry on the continent. At a global level, gambling represents 1.5% of the entire sector. Older data going back to 2021 indicates that the casino management system market had a total value of USD 6.73 billion. By 2030, it is expected to amount to USD 23.31 billion.

For 2024, Fitch rating agency reports that the Singapore duopoly casino market is expected to grow by 10% compared to 2023.

Singapore’s casino and betting outlets are divided into small, medium, and large based on the number of players they can accommodate on site.

For assistance in starting a betting business in the city-state, please feel free to contact our company formation representatives in Singapore.