Singapore has established a new central body known as the Gambling Regulatory Authority (GRA) to oversee all forms of gambling, including in-game loot boxes. The central body can also be able to efficiently combat upcoming gambling products as it will track the latest trends throughout the world.
The GRA will oversee gambling services offered by lotteries and casinos. It will also monitor gambling services such as sports betting and loot boxes used in online video games. The GRA’s participation will strengthen the distinction between gambling and gaming. Recently, video and smartphone games have been criticized for encouraging violence and gambling.
According to Josephine Teo, Second Minister for Home Affairs, advanced technologies have made it easier for consumers to gamble at any time and from any location, hence expanding the scale and scope of online gambling. Given how changed the situation would be in five years, the foundation of the GRA is a critical next step for gaming regulation in Singapore.
She also revealed that the pricing of mystery boxes will be capped at SGD100. This cap, which is previously proposed by the Ministry of Home Affairs (MHA), could be implemented in Singapore by 2023. Through the cap, Singapore seeks to counteract the inducement impact of premium goods. Furthermore, it will prevent gambling from becoming popular among the young generation.
The effectiveness of the GRA in aiding Singapore in fighting against gambling problems remains to be seen. Nevertheless, it would be interesting to see its progress from time to time.
Source: (1)
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