What Happens To The Money That You Bet (And Lose) When Gambling With Singapore Pools

It’s in humans’ nature to like to win. That’s especially true when it comes to winning something of monetary value. That’s why gambling is so popular because it taps into raw human emotion.

Beyond the casinos, though, one of the easiest ways to gamble in Singapore is to buy a ticket at the Singapore Pools outlet or online. Singapore Pools was established by the Government on 23 May 1968 to curb rampant illegal gambling syndicates in Singapore – providing a legal alternative.

While the initial lottery game was “TOTO”, other games have been added over the years to keep up with demand as well as further curb illegal better syndicates.

In 1986, Singapore Pools introduced 4D betting, and in 1999, it launched the Singapore Sweep. Sports betting was introduced in 2004, with football and motor racing, to curb illegal betting on international sports events. And, in 2016, Singapore Pools was granted a licence to operate online gambling platforms – again to counter rising demand for online gambling.

Of course, the “house always wins” and most people lose their bets. But what happens to the money that people put down (and lose) when gambling with Singapore Pools?

Read Also: The Math Behind TOTO – Here’s Why It (Statistically) Doesn’t Make Financial Sense To Play

Singapore Pools Run By Tote Board

First and foremost, it’s important to understand the background of the Singapore Pools. It’s owned by the Singapore Totalisator Board, or Tote Board, a statutory board established in 1988 by the Ministry of Finance. 

Singapore Pools started operations in 1968 and then became a subsidiary of Temasek Holdings in 1980. However, in 2004, Singapore Pools was taken over by the Tote Board – centralising all betting activities under its purview. Before the Tote Board had the right to operate horse racing, totalisator operations and 4D, which it did through its agent, the Singapore Turf Club.

When punters lose their money betting with Singapore Pools, a portion – but not all of it – goes to the Tote Board. As a broad-based grantmaking organisation, the Tote Board states that it “contributes towards building an inclusive, resilient, and vibrant community through our grants”. 

In addition to taking the winnings from Singapore Pools bets, the Tote Board also channels surplus funds from the Singapore Turf Club, as well as the collection of the casino entry levy, to support worthy causes in the community.

Record Year For Singapore Pools In 2023/2024

According to Singapore Pools, bets placed with it reached a record high of $12.2 billion in its most recent financial year (FY2023/2024) that ended on 31 March 2024. That was up 7% year-on-year from the $11.4 billion in bets that were placed in FY2022/2023.

In its annual report, Singapore Pools said it paid $2.29 billion in gambling duties and taxes to the Government and gave $437 million to the Tote Board.

The Tote Board spends this money across a variety of causes. For example, the Tote Board provides funding to the National Crime Prevention Council and also works closely with social care units like the Family Intervention Division in the Ministry of Social and Family Development (MSF).

Other initiatives also include the Tote Board Community Health Fund (TBCHF). Now in its fourth iteration, TBCHF aims to spur innovation and the piloting of new approaches and care models that can adequately address service gaps in community care.

The Tote Board’s grantmaking philosophy focuses on three core areas; Relevance, Innovation, and Impact. By being able to holistically champion social care and inclusion, as well as empower individuals, families and communities, the Tote Board disburses funds based on a vision of a better tomorrow for Singapore.

Other initiatives it has funded include the KeyStart Home Ownership Programme, that looks to empower low-income families to help them achieve their dream of owning an HDB flat through comprehensive housing assistance.

Sole Operator Of Legal Lottery And Sports Betting In Singapore

The fact remains that Singapore Pools is the city state’s only legal gaming operator for lottery, sports betting (football and motor racing), and horse wagering. Therefore, the money it takes in from punters here is then used by the Tote Board to invest in initiatives to help the community.

This can range from anti-gambling education programmes to helping build a more inclusive and cohesive society for residents of Singapore.

Read Also: Here’s How Much More You Would Have If You Invested Instead Of Gambled in 4D In The Last 10 Years

Listen to our podcast, where we have in-depth discussions on finance topics that matter to you.