Founded in 1968, Singapore Pools is the country’s state-owned lottery and sports betting operator. The organisation works to combat illegal gambling by providing an alternative, safe and secure gambling experience. As such, it is a trusted partner to Singaporeans.
As a WLA-certified Level 4 Responsible Gaming Framework member, Singapore Pools is committed to doing all that it can to promote responsible gambling in its business and community. This includes collaborating with various stakeholders to launch national programmes like Safer Play Awareness Week and ensuring that its gambling messages are aligned with anti-illegal gambling messaging across government agencies and social welfare organisations.
The company’s product portfolio encompasses the lotto game Toto, pre-printed lottery game The Singapore Sweep, numbers game 4D and sports betting on football and motor racing.
Since its inception, Singapore Pools has been a leading advocate for responsible gambling in the region. The organization has played a pivotal role in combating the proliferation of unauthorized bookmakers and triads, and channelling the proceeds of betting back into the community through charities.
When Singapore Pools was founded, it was a very traditional, counter-service based company. Yeo and his team quickly transformed the customer touchpoints, introducing digital channels and mobile platforms to help Singaporeans onboard, manage their accounts and bet online.
For online betting, Singapore Pools has launched an app that is compatible with both iOS and Android devices. Users can onboard their account via the app, make bets and monitor their winnings on the go.
The company has also partnered with International Game Technology (IGT), to provide its Aurora central lottery system, which provides reliability and scalability for Singapore Pools’ high volume of transactions.
As part of its commitment to helping Singaporeans stay safe online, Singapore Pools partnered with a leading cyber security provider to ensure that customers’ data is protected. They have also launched regular anti-phishing campaigns and educated their staff about how to identify and report suspicious online activity.
Money pools are a common way for people to save and invest money. They typically involve a large group of people who each contribute a certain amount of money to the group’s overall investment.
They are also known as’money banks’, ‘pooled savings’ or’money groups’. Regardless of the name, they are a method of saving and investing that is rooted in social relationships and trust.
According to research, money pools are an effective way for low-income individuals to save and build credit. They are popular in many cultures and can be a good tool for financial counselors, coaches and educators to use with clients who may be underbanked or culturally diverse.
For example, a non-profit in San Francisco, Mission Asset Fund, found that money pools were effective in increasing credit scores by 52 points over four months for participants who used them as a means of saving and accumulating wealth.
Money pools can be a great way for people to save, but they are not without their drawbacks. The most common drawback is the risk of fraud. If a person is unable to pay the money back, they could lose it all and be left with nothing.