SINGAPORE, Nov 6 — Singaporeans have spent a record S$12.2 billion (RM40.18 billion) on lottery, sports betting, and horse racing in the 2023/24 financial year.

According to the Singapore Pools annual report released yesterday, this represents a 7 per cent increase from the previous year’s S$11.4 billion.

Of this amount, S$11.87 billion was returned to Singaporeans through prize payouts (S$9.14 billion) and gambling duties (S$2.29 billion), with S$437 million directed towards community projects via the Tote Board.

Operating expenses were S$332 million, one of the lowest for a global gaming operator.

The report also noted significant growth in sports betting, spurred by “new leagues and more sporting events.”

Singapore Pools chairman Kai S. Nargolwala and CEO Lam Chee Weng acknowledged the ongoing challenge.

“In gambling, we constantly face a challenge in striking a balance between being an effective counter to illegals, and at the same time minimising social harms associated with excessive gambling,” they said in a statement

To address these challenges, the company plans to focus on “customer retention and diversion, modernising our retail network, and driving online adoption.”

Singapore Pools, a fully-owned subsidiary of the Tote Board, said it remains committed to upgrading systems and developing talent to stay ahead in the competitive market.