Foreign sites offer betting in Sing dollar
It's just three simple steps: Register for an account, transfer your funds and you are ready to start.
Despite the Remote Gambling Act, there are still many sites that offer online betting services in Singapore dollars.
Rajah & Tann lawyer Lau Kok Keng, who specialises in sports and gaming law, told The New Paper: "Under Singapore law, any online betting website that is not exempted from the provisions of the Remote Gambling Act is considered illegal.
"This is even if the online betting website is licensed by a regulator in a foreign jurisdiction, like the Philippines, the UK, Aldernay or Gibraltar."
For any event on which bets are offered, the odds are set and fixed at the time the bet is placed.
Therefore, for every bet outcome, the punter knows what the payout will be for every dollar he places on his bet, Mr Lau said.
The odds are decided by specialist odds setters, based on various factors which may go towards the likelihood of a particular bet event materialising. They may change from the time bets are open to the time bets are closed, he said.
A search on the Internet showed that several sites based outside of Singapore offer betting services in the Singapore currency.
They also offer e-wallet solution providers that allow punters to link their credit card accounts as a funding and expenditure source for bets.
The e-wallet solves the problem of being unable to transfer money directly from your Singapore-based bank or credit card to your betting account.
But Mr Lau emphasised that the only sites that will be legal in the near future are the ones that Singapore Pools and Singapore Turf Club are setting up.