Singapore Pools has achieved remarkable financial performance in its 2024 fiscal year, reporting a 7 percent rise in total turnover to reach €8.51 billion. This success highlights the steady growth of lottery and sports betting activities in Singapore, even amid changes in the horseracing sector.
In 2024, Singapore Pools reported record revenue figures. Total turnover from sports betting, lottery, and horseracing activities grew by 7 percent, marking a notable increase from S$11.4 billion in the previous year to S$12.21 billion.
The primary driver of Singapore Pools’ revenue growth has been its lottery and sports betting divisions, which saw a 7 percent increase in turnover, rising from S$10.29 billion to S$11.01 billion. This growth trend demonstrates the resilience of lottery and sports betting markets, as these games continue to attract players across Singapore.
One of the most significant events in Singapore’s gambling industry in 2024 was the closure of Kranji Racecourse. The closure raised concerns about horseracing’s future in Singapore, as fans and bettors would no longer have access to live races. Despite the impending closure, horseracing in Singapore saw its highest turnover in seven years. Tote betting on horseracing grew by 8 percent in 2024, reaching S$1.20 billion.
The total gross win from Singapore Pools’ betting and lottery activities surpassed S$3 billion, showing a 3 percent increase to reach S$3.07 billion. This growth not only speaks to the popularity of legal gambling options but also suggests that Singapore Pools continues to attract steady participation in its offerings. Of the total gross win, sports betting and lottery games generated S$2.82 billion. This represents a 2 percent increase from the previous fiscal year, affirming the sustained interest in these gambling formats and underscoring their importance as major revenue streams for Singapore Pools.
Increased gambling duty
In line with its record revenue, Singapore Pools paid S$2.20 billion in gambling duties in 2024, an increase from the S$2.07 billion paid in the prior year. These duties represent a significant revenue source for the government, showcasing the positive impact of Singapore Pools on the national economy.
Several factors likely contributed to Singapore Pools’ revenue growth. First, increased participation in sports betting and lottery games contributed significantly. Additionally, the closure of the racecourse likely spurred a temporary surge in horseracing wagers. Broader economic factors, such as post-pandemic recovery and stable income levels, may have also played a role.
As a socially responsible entity, Singapore Pools prioritises responsible gambling. It has implemented several programmes to promote safe betting practices, from self-exclusion schemes to educational campaigns. The gambling landscape in Singapore is expected to evolve further. The end of horseracing may lead to changes in revenue distribution and could increase interest in other betting options.
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