Singapore Players Lose $11,6 million on fake gambling sites.
There are a growing number of scammers associated with fake gaming platforms in Singapore. A total of 83 cases of fake gambling were investigated by the police between 2019 and 2020. The victims of the scammers lost about 15.4 million SGD ($ 11.6 million).
According to media reports, customers of the fake sites were encouraged to open betting accounts on their platforms and take advantage of gambling loopholes that would help them make a profit faster.
These accounts will then be frozen and it will take more money to unlock them and cash out the winnings. As soon as the money is received, the site blocks users and stops all communication.
Both the victims of the scam and the scammers are subject to the Singapore Remote Gambling Act:people opening accounts can be fined up to SGD $5000 or sentenced to imprisonment for up to six months.
However, gambling is not prohibited for local residents of Singapore. In fact, the two city-state IRSs were supported by the local gambling community throughout the Third and Fourth Quarters.
Last Vegas Sands Marina Bay Sands earned $144 million in the last quarter of 2020, up 106% from the third quarter. Analysts predict Genting Singapore Resorts World Sentosa will post similar results when the company releases its report in February.