Singapore regulator considers updating remote gambling licence to allow prize trading
The regulator is looking to legalise in-game marketplaces as they have become so commonplace on third-party platforms.
Key points:
– The Singaporean Gambling Regulatory Authority (GRA) could allow operators to introduce in-game marketplaces for players to trade in-game items
– This would apply to Type 2 remote games of chance licensees
– The public consultation period will end on 20 August
Singapore’s Gambling Regulatory Authority (GRA) will open public consultations regarding proposed changes to its remote games of chance (RGOC) licence.
The current Gambling Control Act came into effect on 1 August 2022, although the industry has continued to evolve since then.
As noted by the GRA, many players use in-game marketplaces to trade and obtain items that can be used in-game, such as graffiti, stickers, weapons and weapon skins.
These are conducted on third-party platforms, as Type 2 RGOC licensees are currently prohibited from offering these sorts of platforms or services themselves.
However, the GRA has expressed that “they do not pose law-and-order or social concerns.”
The amendment to Paragraph 3(b)(iv) would allow Type 2 RGOC licensees to create in-game marketplaces for players to trade prizes in exchange for money or equivalent.
The current legislation says: “Operator does not, alone or under arrangement with any associate, provide a service whereby the prize is readily converted or made readily convertible into money, money equivalent or any thing else of value. The only exception is if the thing of value converted from the prize is used in in-game transactions when playing the same game or related games.”
Good to know: Type 2 RGOC’s are an interactive game of chance that players pay to take part in. There are no monetary prizes, but they can receive in-game items that can be used within the game itself.
If operators did create marketplaces for players to trade in-game prizes received from Type 2 RGOCs, the operators themselves would not be allowed to buy the items back from players.
This is to avoid “gambling inducement”, as the GRA explains, this would create a “guaranteed monetisation” of the prizes.
The public consultation period will end on 20 August.
Elsewhere in the Republic, Lee Shi Ruh has been named President and COO of Genting Singapore as the operator undergoes a series of senior management changes.
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