Online sports betting technology specialists OpenBet have confirmed their deal to develop a new online sportsbook for Singapore Pools.
Earlier this week, Singapore Pools revealed that it was talking with OpenBet about replacing its existing 10-year-old site, which offers wagering on football and motor racing in addition to lottery games. On Thursday, OpenBet confirmed that it had struck a seven-year deal to provide Singapore Pools with sports betting products and services.
Singapore’s new Remote Gambling Act (RGA) took effect on Feb. 2, outlawing most forms of online gambling and blocking hundreds of unauthorized websites. But local operators who devote a significant portion of their revenue to social causes were allowed to apply for exemptions to the RGA, and both Singapore Pools and the Singapore Turf Club indicated this week that they were seeking such exemptions.
Financial terms of the deal weren’t disclosed, but earlier reports had pegged the value at around $10m. It’s also unclear exactly when the new OpenBet-powered site would launch, although the Ministry of Home Affairs had said Singapore Pool’s application for exemption would take up to a year to evaluate.