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Though Singapore has developed into an economic powerhouse, the country’s stance on gambling remains very conservative. Today, the iGaming industry features two large integrated resorts, Marina Bay Sands (MBS) and Resorts World Sentosa (RWS), which opened in 2010. Additionally, Singapore Pools is the sole provider of lotteries and sports betting options, both of which generate significant revenue from tourism. Locals must pay a fee either daily (S$150) or annually (S$3,000) to enter either of the integrated resorts; the entry fee is designed to reduce the potential for gambling addiction.
With MBS leading the way, the Land-Based Casino’s gross gaming revenue (GGR) returned to record levels post-COVID-19 and reached new highs in 2025. In 2024, online gaming and eSports are projected to grow 8% annually and reach $1,320 million in 2033. The GRA has updated its licensing to add Singapore Pools, indicating confidence and consistency in regulating the industry as it struggles with illegal activity and attempts to regulate the unregulated market. The industry is closely monitoring the recovery of the tourism industry and the technological advancements being made, but there remain many restrictions regarding opportunities to expand due to the industry’s restrictions.
Market Overview
In 2025, the casino and traditional lottery gambling experienced considerable recovery and expansion from the event industry and the digitization of the gaming sector. Tourists returning to Singapore were vital as they filled hotels and participated in gaming via the two integrated resorts: Marina Bay Sands (MBS) and Resorts World Sentosa (RWS), with $S5.14 billion in gaming revenue for the first nine months of 2025, an increase of 23% for the same period in 2024. Based on this data, the total GGR from casinos for the full fiscal year 2025 was estimated at $S6.87 billion, representing a projected increase of 21%. Gambling by the government-operated Singapore Pools continued to be successful, with an estimated record FY2025 turnover of $S12.69 billion (increased 4%), with 97% of all turnover returned, in the form of prizes, duty, and community funds.
Table 1: Singapore Gambling Market Metrics (2025)
| Metric | Details |
|---|---|
| 9M GGR / Turnover | Casinos (MBS + RWS): S$5.14B (+23% YoY) · Singapore Pools: S$12.69B FY (+4%). Tourism rebound is driving casino growth. |
| Projected Full-Year | Casinos projected at ~S$6.87B. No full-year projection disclosed for Singapore Pools. Growth supported by Mass and VIP segments. |
| Player Access | Estimated 22M casino visitors. Singapore Pools retains monopoly for local players under levy-capped access rules. |
Market Size & Growth
- Casino Sector: 9M 2025 GGR S$5.14B (+23% YoY); MBS Q3 gaming win US$1.08B (+80% YoY), slots 21% of mix.
- Lottery/Betting: Pools FY2025 S$12.69B turnover (+4%); sports betting surged from expanded events.
- Online Gambling Estimates: USD 95.5B in 2025, 11.5% CAGR to USD 220.7B by 2033 (shadow market via offshore).
*Growth drivers include 95% mobile penetration and affluent visitor influx, though regulated caps limit player numbers to levy-paying locals and tourists.
Popular Game Types
Casinos emphasize mass/VIP table games, with baccarat leading (79% table revenue at MBS).
- Table Games: Baccarat, Roulette, Blackjack, Sic Bo, Poker—exclusive salons for high-rollers.
- Slots/Electronic: 21% MBS revenue; mass appeal with progressive jackpots.
- Lottery/Sports: Pools’ TOTO, 4D, Singapore Sweep, horse racing, football betting—stable margins.
- Poker thrives in private salons; sports betting grows via Pools’ offerings.
Table 2: Popular Game Types Breakdown
| Category | Details |
|---|---|
| Table Games | Baccarat, Roulette, Blackjack. 79% of MBS table revenue. Strong appeal among VIP and mass players. |
| Slots | Progressive and electronic machines. 21% of MBS revenue. Primarily mass-market focused. |
| Lottery / Betting | TOTO, 4D, and sports betting. 97% redistributed. High daily uptake among local players. |
Player Demographics
High net worth tourists /lots of money: 70-80% of casino business is generated from very wealthy tourists (high net worth), and controlled locals access their casinos.
- Millennials and Gen X (age: 25-50) represent the majority of players, and an increasing percentage of Gen Z play lottery games and esports gambling.
- Males account for 60-70% of the players, while females are currently at 23-30% represented in Mobile/Lottery.
- Affluent local players generally have access to professional high-stakes baccarat and high-stakes slots without having to pay any fees; however, tourist players generally prefer mass market gaming, while digitally informed players generally prefer to play Pools Apps.
The casino’s current structured ecosystem will support continued sustainability, with 22 million visitors a year visiting casinos before 2025, ensuring casino growth.
Regulatory Landscape
The Gambling Control Act 2022 (GCA) provides a strict, risk-adjusted framework for gambling in Singapore with an emphasis on the protection of the public and integrity. The GCA establishes two categories for gambling based on the risk to the public: high-risk and low-risk, prohibiting unlicensed operators with graduated penalties based on the degree of operator accountability. For example, remote gambling is considered high risk and is banned, while promotions for lotteries (Class B license) are classified as low risk. Social gambling activities (e.g., private mahjong) are legal to a capped maximum of S$100, and operators must not profit from them, in addition to being prohibited from allowing individuals under 21 (except for pools, where the minimum age is 18) to participate in such activities.
Overview of Existing Gambling Regulations
The Gambling Regulatory Authority (GRA), which became operational in August 2022 through the Ministry of Home Affairs, is responsible for regulating all gambling sectors,s including casinos, lotteries, and betting in Singapore. It was formed by consolidating various pre-existing agencies, such as the Casino Regulatory Authority, and handles licensing, compliance enforcement, and management of technology-neutral risk associated with loot boxes.
Table 3: Key Regulatory Authorities
| Authority | Details |
|---|---|
| GRA | Oversees all gambling activities. Established in August 2022. |
| IRAS | Responsible for gambling-related tax collection. Ongoing mandate. |
| NCPG | Focuses on problem gambling prevention and player protection. Supports GRA. |
Licensing Requirements and Regulatory Authorities
The requirements for being considered “fit and proper” are sufficient financial viability, integrity, systems for responsible gambling, and measures to combat and detect money laundering and terrorism financing (AML/CTF).
- Operators need either an individual license for betting/lottery (as with Singapore Pools, which will be renewed for five years on 1 October 2025) or a class license for a lower risk product (e.g., mystery boxes).
- All casinos and integrated resorts (IRs) are covered by the Casino Control Act and have to be assessed by the Gaming Regulatory Authority (GRA) to ensure venues are compliant and that the key staff members have the correct credentials.
- The process for obtaining a license consists of paying a fee ($5,000-$50,000) upon submitting the application and an annual renewal; both will have to be renewed if you were to receive a licensing application approval for your casino from Singapore Pools.
- For private clubs, any gaming machines will require a permit; you cannot apply for a remote gaming license from outside of Singapore Pools.
Table 4: Licensing and Taxation Summary
| License Type | Details |
|---|---|
| Operator (Pools) | Fit-and-proper checks and AML compliance required. Application fees range from S$5K to S$50K, with 30% betting duties applied. |
| Casino Mass | GGR-based licensing model. Taxation applied at rates between 18% and 22%. |
| Premium VIP | High-roller focused licensing tier with preferential tax rates ranging from 8% to 12%. |
Taxation and Compliance Details
Duties payable to IRAS on GGR, with GST adjustments.
- Lotteries/Betting/Sweepstakes: 30% x (bets received – GST).
- Casinos (Mass): 18% up to S$3.1B GGR, 22% thereafter (locked to 2032).
- Premium Players: 8% up to S$2.4B, 12% above.
Compliance mandates exclusion lists, advertising curbs, NCPG audits, and GRA reporting; breaches incur fines up to S$1M or license revocation.
Upcoming Legislative Changes
No confirmed 2026 legislation; GRA continues monitoring digital innovations under GCA, with Pools license stability signaling continuity. Potential focus: Enhanced offshore enforcement amid rising illegal access.
This robust system fosters market confidence while mitigating harms, positioning Singapore as a regulated benchmark.
Competitive Landscape
The regulated duopoly of casinos and the state monopoly on lotteries and betting make up the iGaming market, which allows significant players to be more protected from competition. However, the local iGaming operators are legally established in Singapore; the international companies deliver services through offshore means and are therefore illegal for locals. Therefore, the MBS operations are benefiting from the market dynamics that are destroying the RWS operation’s market share, especially due to renovations and the movement of VIPs.
Key Market Players
- Marina Bay Sands (MBS, Las Vegas Sands): Central duopoly leader; record Q3 2025 gaming win US$1.08B (+80% YoY).
- Resorts World Sentosa (RWS, Genting Singapore): Q3 2025 revenue S$649.8M (+16%); gaming S$402.3M (+22%), non-gaming +7%.
- Singapore Pools: FY2025 turnover S$12.69B, monopoly on lotteries, sports betting, and horses.
International: Offshore (e.g., BetInAsia), suppliers like AGS via partnerships; no licensed online rivals.
Market Share Distribution
Duopoly tilts heavily to MBS post-2025; RWS hits historic lows during upgrades.
Table 5: Market Share Distribution (Q2-Q3 2025)
| Player | Details |
|---|---|
| MBS | Q2 2025 market share of ~69–72% (hold-adjusted). EBITDA share at 87% in Q2, with around S$1B EBITDA. Strong dominance across VIP and mass segments. |
| RWS | Market share at 28–31% (record low). EBITDA share of 13% in Q2. Mass-market share recovered to ~40% in Q3, impacted by ongoing renovations. |
| Singapore Pools | Holds a 100% monopoly in non-casino gambling. Recorded S$12.69B in turnover during 2025. |
Pools hold unchallenged exclusivity; casinos’ gap widens with MBS location edge.
Partnerships and Strategic Alliances
Alliances emphasize infrastructure and tech:
- IR Expansions: MBS/RWS partners with tourism boards for conventions/hotels.
- Suppliers: Mindslot-e + AGS (Jan 2025) for Asian slots innovation, eyeing Singapore.
- Pools/GRA: License renewals ensure compliance ties; no direct rivals.
Limited due to regulations; focus on vendor deals (e.g., slot providers) and global IR networks.
This controlled structure drives efficiency, with MBS poised for 2026 gains as RWS stabilizes post-revamp.
Consumer Trends
The Singaporean gaming community demonstrates discipline and a willingness to prioritize legalized gaming, as evidenced by their adherence to licensed operators and the cultural conservatism and market entry barriers that characterize Singapore. Gaming activity among tourists is a key driver of the local casino industry’s growth. Local players prefer lottery gaming (high daily participation) and VIP baccarat/slot machines (high-roller gambling). Local players demonstrate low-to-moderate risk proclivities yet aspire to the high-roller lifestyle. Shadow online gaming is experiencing a growth of 11.5% CAGR, fueled by mobile access, despite the prohibition on these types of gaming.
Player Behavior and Preferences
- Locals: Favor Singapore Pools lotteries (TOTO/4D), sports betting; cautious due to levies/exclusions.
- Tourists: Mass/VIP tables (baccarat 79%), slots; 70-80% casino play.
Younger cohorts shift to digital/social formats, blending gaming with esports.
Payment Methods and Technological Trends
Digital adoption surges with 95% smartphone penetration.
- Popular Methods: PayNow (68% Gen Z), cards (76%), e-wallets (GrabPay, TruePay, Skrill/Neteller), crypto at offshore sites.
- Tech Shifts: 5G/mobile apps for Pools betting; AI personalization in social casinos; blockchain for secure offshore txns.
Instant e-wallets cut withdrawal times to 48 hours.
Table 6: Payment Methods (2025)
| Method | Details |
|---|---|
| PayNow / Bank | Adoption: 55–68% · Gen Z preference: 68% |
| Cards | Adoption: 76% · Gen Z preference: High |
| E-Wallets (GrabPay) | Adoption: 22% · Gen Z preference: Rising |
| Crypto | Offshore usage · Shadow market |
Social and Cultural Influences on iGaming
Confucian emphasis on moderation is evident in NCPG campaigns to lower the incidence of problematic gambling in China. Chinese culture, which is also the majority ethnicity, is closely associated with both mahjong and lottery gambling, while Malay culture restricts gambling activities through laws prohibiting it. Wealth can enable many Chinese to participate in more expensive types of gambling, but they may also suffer from social stigma, leading them to voluntarily exclude themselves from gambling and encourage others to be responsible gamblers. The impact of these factors will continue to allow for the balanced growth of gambling, as technology is providing a method for generations to connect as they age.
Opportunities & Challenges
The growth potential of the Pools and land-based casinos resides in tourism-focused growth from casino facilities and expanding digital offerings on pools due to online gaming becoming popular (8 times the compound annual growth rate). New entrants to this market are not allowed until there is an opportunity for social gambling to be deregulated, or there is or will be an increase in integrated resorts. Investment potential exists in innovation through AR/VR in licensed apps and blockchain technology for greater transparency.
Potential challenges exist for new entrants, including heavy regulation restricting online iGaming, high start-up costs for local operators (S$30k+) to enter the market, illegal competition from offshore operators, continuing operational challenges of compliance auditing (S$30k+/year), and a stigma for problem gambling, as well as the potential dilution of market share similar to that of RWS. Further, there are continuing risks associated with GRA technology monitoring and regional outflows to jurisdictions with less stringent regulations.
Conclusion & Recommendations
Through regulated land-based and lottery systems, Singapore’s iGaming ecosystem is growing more significant thanks to the recovery of tourism and the continuing stability of the Gaming Regulatory Authority (GRA). Two major trends are evident: 1) Online gaming in Singapore is limited due to the lack of competition (the monopoly structure), but operators can manage and control their users; 2) Singapore’s population skews toward those with higher incomes and more advanced technology. To enter the market, operators should develop partnerships with Integrated Resorts (IRs) and create responsible technological innovations. Investors are focusing on developing digital lotteries adjacent to Pools. Analysts and regulators will continue to monitor the impact of overseas competition entering the Singapore market. It is expected that, through tourism, Singapore’s iGaming sector will continue to grow steadily through 2026; however, this growth will be limited by a level of caution or conservatism from players in the industry.
Data and Sources:
- Gambling Regulatory Authority of Singapore (GRA): Official statutes, licensing, and regulations for all gambling sectors.
- Wikipedia – Gambling in Singapore: Detailed overview of laws, casinos, Pools monopoly, and historical context.
- Gaming Intelligence: Singapore gaming revenue: 9M 2025 GGR S$5.14B, MBS/RWS shares.
- Straits Times: Marina Bay Sands earnings Record Q2/Q3 2025 performance.
- LinkedIn: MBS Q3 revenue: Up 56%, profit dominance.
- GGR Asia – Genting Singapore Q2 share: Record-low 28%.
- IMARC Group – Singapore Online Gaming: USD 660M 2024, 8% CAGR.
- Xero – Digital payments Singapore: Gen Z PayNow 68%, cards 76%.
- Commission Factory – Singapore Gaming Demographics: Age/gender stats.
- Chambers – Gaming Law 2024 Singapore: Licensing/tax details.
- IRAS – Gambling Duties: Tax rates on GGR.
- SDLCCorp – Gambling License Singapore: Fees and process.
