World Cup 2022 drives record-breaking wagers, up 12% from the previous year.
SINGAPORE – Singaporeans spent a staggering $10.3 billion on lotteries and sports betting in the financial year ending March 2023, according to the Tote Board’s annual report. This marks a 12% increase from the previous year’s $9.2 billion, with the World Cup 2022 in Qatar serving as a major driver of betting activity.
A Decade High in Wagers
The latest figure is the highest recorded in a decade, surpassing the $8.1 billion wagered during the financial year ending in March 2019, which also included a World Cup. Notably, the prior record of $9.2 billion was set in March 2022 after Singapore began easing its Covid-19 restrictions.
Singapore Pools, the sole licensed operator for lotteries and sports betting in the country, highlighted the World Cup’s role in fueling this surge. “As one of the first major global sporting events since the pandemic, it garnered significant interest,” a spokesperson stated, though they declined to provide a detailed breakdown of bets placed on specific games like 4-D, Toto, or football.
Horse Racing and Casino Revenues
Horse racing also contributed to the wagering landscape, with $1.1 billion bet on races. However, the Singapore Turf Club, overseen by the Tote Board, is slated to close by March 2027, with its final race scheduled for October 2024. The Tote Board indicated that the club’s closure would have minimal impact on its overall financial performance.
Additionally, $147 million was collected in casino entry levies during the same financial year—a 17% increase from the previous year’s $125 million. This rise coincided with Singapore’s border reopening to fully vaccinated travelers in April 2022 and the subsequent lifting of all travel restrictions by February 2023.
Economic Implications and Future Outlook
The rise in gambling expenditures underscores the popularity of lotteries and sports betting in Singapore, especially during major international events. With significant changes on the horizon, such as the closure of the Singapore Turf Club, the industry may see shifts in how gambling activities contribute to the nation’s economy.
