Singapore Records Over $11m In Losses Due To iGaming Scams 584p6e

Singapore Records Over $11m In Losses Due To iGaming Scams February 2, 2021 February 2, 2021 David Walker
 Industry February 2, 2021 by David Walker

Singapore has a reputation of being one of the safest cities in Asia as the authorities have very stringent rules in place to for criminals. This is one of the reasons why it is a bit strange to see that Singapore has recorded a huge increase in gambling related scams. 2s2x3v

Singapore has two mega casino resorts in the iconic Marina Bay Sands operated by Las Vegas Sands Corp. and Resorts World which is operated by the Genting Group. Singaporeans are allowed to visit these land based casinos and gamble as per gaming regulations. However, online gambling is not allowed.

This has not stopped illegal online gambling operators from penetrating Singapore and offering iGaming services to Singapore’s gamblers. There are some illegal iGaming sites that offer fair gaming but there are also quite a few rotten apples that scam players.

The Singapore Police Force recently reported that online gambling crimes during 2019-2020 ed for S$15.4 million in losses during this period, the equivalent of USD $11.6 million.

There has been a significant increase in online gambling crimes during this period. The number has skyrocketed by over 18 times to reach 299 cases. The Singapore Police Force investigated a total of 359 scams targeting online casino players during this period and found that 83 percent of these scams came from fake gambling sites. The authorities investigated 98 individuals who allegedly had ties to this scam.

How The Scam Works? 5a179

These con artists used a variety of different sites ranging from social media to online dating sites to lure individuals to ‘fake’ online casinos that had loopholes in these. Unsuspecting individuals were conned into believing they would be able to exploit these loopholes and win a big payout.

They were given a link to these fake ‘online casinos’ asked to create an and make a deposit to start playing. This is standard procedure when it comes to playing at any online casino. However, the con artists told these players that their deposits would be converted into huge betting credits that they could later withdraw.

When players tried to withdraw their winnings, they found that they s were frozen. They were conned into parting with more money to unlock their . The scammers would then take the site offline and stop all communication.

Singapore has reiterated that if any individual in Singapore opens an online gambling , they will be prosecuted. They could face a fine of S$5,000, face 6 months in jail or be hit with both penalties.

David WalkerAuthor e5n6h

David is our resident 'down under' contributor, letting us know what is going on in the southern hemisphere, he is also keen blackjack player

Related News Articles 486v6w

Philippines’ New President To Make Gaming Industry Concerns One Of His Priorities

Philippines’ New President To Make Gaming Industry Concerns One Of His Priorities 2o2h1b

PAGCOR Eyes Potential Casino Sell-Off And Privatization Of Gaming Sector

PAGCOR Eyes Potential Casino Sell-Off And Privatization Of Gaming Sector 471ov

Macau Releases New Tender Guidelines In Executive Order

Macau Releases New Tender Guidelines In Executive Order 1b52m

Unibet Accepts Fines Imposed By Dutch Gaming Regulator

Unibet Accepts Fines Imposed By Dutch Gaming Regulator 684d4t