Singapore has introduced a new central body that will monitor a wide range of gambling services, including loot boxes in online video games. The recently inaugurated central body will track the latest trends worldwide. Notably, it will be able to counter upcoming gambling products more competently. The central body is called GRA (Gambling Regulatory Authority).
The GRA will regulate gambling services accessible in lotteries and casinos. Also, it will monitor gambling services like sports betting, as well as loot boxes that appear in online video games. The GRA’s entry will fortify the line between gambling and gaming. Video and mobile games have been drawing flak for promoting violence and gambling lately.
Singapore To Regulate Gambling Services
To recap, the Indian government has banned BGMI again without disclosing any reason. The game’s predecessor PUBG was banned in the country in 2020 in a bid to protect user data. Now, Singapore is gearing up to regulate online gaming. The GRA will replace the Casino Regulatory Authority, as per a report by The Straits Times. Singapore’s Second Minister for Home Affairs, Josephine Teo claims this is an important step for gambling regulation.
Moreover, Teo pointed out that the landscape will not be the same in five years. So, the formation of the GRA will bolster gambling regulation in the country. Further, Teo noted that people can gamble anytime and anywhere due to technological advancements. As a result, online gambling has more room to maneuver and grow. Also, she confirmed that there will be a price cap of SGD100 on mystery boxes. This capping could come into effect in Singapore by 2023.
To recap, this capping system is an original idea of the MHA (Ministry of Home Affairs). Singapore is aiming to block the inducement effect of exclusive items through the cap. Also, the cap will stop gambling from gaining popularity among youth. It will be interesting to see if the move helps Singapore prevent gambling from tightening its grip in the country. Also, regulating loot boxes in online video games could have an undesirable effect.