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Singapore Pools merging with Singapore Totalisator Board
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Singapore Pools will become a
company under the Singapore Totalisator Board from 1 April 2004, when the
Totalisator Board acquires Singapore Pools from Temasek Holdings.
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With this move, the Totalisator
Board will have the sole right to conduct numbers games, sports betting, horse
racing and totalisator operations.
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The Totalisator Board will also
manage the donation of surpluses generated from the consolidated operations.
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The Government currently grants
Singapore Pools, a company under Temasek Holdings, the right to operate 4D,
Toto, Singapore Sweep and sports betting.
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The Singapore Totalisator Board (a
statutory board of the Ministry of Finance), has the right to operate horse
racing, totalisator operations and 4D, which it does through its agent, the
Singapore Turf Club.
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With the transfer of Singapore
Pools to the Totalisator Board, all betting activities will come under the
purview of the Totalisator Board. Singapore Pools will continue to operate 4D,
Toto, Big Sweep and football betting on behalf of the Totalisator Board, while
the Turf Club will concentrate on horse racing and totalisator operations.
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The transfer of Singapore Pools to
the Totalisator Board will bring together the donation activities of the
Totalisator Board and Singapore Pools.
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The restructuring will also allow
the two gaming operators, namely Singapore Pools and Singapore Turf Club, to
focus on their main businesses and streamline some of their operations, and
thereby generate higher earnings and maximise their contributions to the
community.
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All operations of the Totalisator
Board, the Singapore Turf Club, and Singapore Pools will continue as usual.
Donations that Singapore Pools has agreed to make will not be affected by the
transfer of the company to the Totalisator Board.
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The Singapore Totalisator Board
Act will be amended in order to enable the Totalisator Board to acquire
Singapore Pools and to operate Toto, Big Sweep and football betting. The
Ministry of Finance will be tabling the Amendment Bill in Parliament on 27
February 2004.
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Source: Ministry of Finance 23
Feb 2004
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