Singapore Pools, the state-owned gaming monopoly, has announced a significant rebound in revenue for the 2021-22 period, surpassing pre-pandemic levels by 20%. The operator attributes this growth to the expansion of its sports betting offerings, the resumption of delayed events, and a recovery in lottery revenue. Despite challenges posed by the COVID-19 pandemic, Singapore Pools remains committed to digital transformation and enhancing its customer experience.
Revenue Rebound and Growth Drivers:
Singapore Pools reported revenue of S$10.1 billion for the 2021-22 period, exceeding the pre-pandemic figure of S$8.4 billion from 2018-19. The growth was primarily driven by sports betting, which experienced an increase in popularity. Singapore Pools expanded its offerings by adding five new South American football leagues, and the resumption of delayed events, including the UEFA Euro 2020, provided a one-time boost in revenue. Lottery revenue also rebounded past pre-pandemic levels. However, horse race betting remained below expectations due to ongoing COVID-19 prevention measures at betting venues.
Betting Duties, Taxes, and Surplus:
The money raised through betting duties and taxes amounted to S$2.1 billion, representing a 30% increase compared to the previous year. Although the figure has not significantly surpassed pre-pandemic levels, it demonstrates a positive trend. The surplus paid to the Tote Board, which supports various charitable and community initiatives, reached a record S$464 million, reflecting higher revenues and lower operating costs compared to previous periods.
Digital Transformation Strategy:
Singapore Pools recognizes the opportunities and challenges presented by digitization and technological advancements in the gaming industry. The operator has embraced digitalization across its business operations to meet customer expectations and remain relevant. Chairman Kai Nargolwala acknowledges that while technology enables greater digital adoption, it also allows illegal operators to reach a wider audience. Singapore Pools aims to leverage technology for operational efficiency and enhanced customer experiences, aligning with its SP2025 Strategic Plan led by the Transformation Program Office.
Investment in Human Capital:
In addition to technology, Singapore Pools emphasizes the importance of its human capital. The organization heavily invests in people development and recognizes the value of individuals as the soul and passion of the organization. The combination of talent and technology is seen as the formula for Singapore Pools’ success in the years to come. By nurturing its workforce’s skills and expertise, the operator ensures it can adapt to evolving industry trends and provide exceptional service to customers.
Partnership with IGT Global Services Limited:
As part of its digital strategy, Singapore Pools signed a six-year agreement with IGT Global Services Limited, a subsidiary of International Game Technology (IGT). The partnership aims to leverage IGT’s Aurora central lottery system, enhancing Singapore Pools’ lottery operations and customer experience. This collaboration reflects Singapore Pools’ commitment to leveraging cutting-edge technology solutions to optimize its offerings and remain at the forefront of the gaming industry.
Singapore Pools’ revenue rebound and surpassing of pre-pandemic levels demonstrate the operator’s resilience and ability to adapt to changing market conditions. The growth in sports betting and lottery revenue, along with the strategic focus on digital transformation, position Singapore Pools for continued success. By embracing technology, investing in human capital, and fostering partnerships with industry leaders, Singapore Pools aims to enhance its customer experience, drive revenue growth, and remain a trusted and innovative gaming provider in the years ahead.