Business News

OpenBet has signed a seven-year contract to supply sports betting products and services to the state-owned Singapore Pools, in what the supplier describes as a “landmark” deal for the business.

The Singapore Pools launched an expression of interest exercise in February 2014 to replace its ten year-old sports betting system, ultimately selecting OpenBet as its preferred partner.

OpenBet chief executive Jeremy Thompson-Hill said that signing the Singapore Pools as its latest partner was a landmark win for the supplier, adding that he believed the deal affirms the company’s vision and direction, and its role as a leading supplier in regulated gaming markets.

Founded in 1968, the Singapore Pools is the sole licensed bookmaker for association football and motor racing, as well as the only company legally allowed to operate lotteries in the country.

It is wholly owned by the Tote Board, which reports to the country’s Ministry of Finance and offers three main lottery products: a twice-weekly lottery draw TOTO; a raffle-style lottery The Singapore Sweep; and 4D, a numbers game.

For the year ending March 31st 2014, the operator generated total revenue of $721m, down 3.4 per cent year-on-year.

The deal gives OpenBet access to a market in which online gaming is heavily restricted. Last year the country’s parliament passed legislation that bans practically all form of online gaming, although Singapore Pools qualifies for an exemption under the legislation.