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Junket operators are the middlemen who, for a commission, bring in high-rollers from all over the world. Typically, junkets earn a percentage - about 0.6 per cent to 1.8 per cent - of the amount of chips bought by clients, according to gaming websites.
Jan 1, 2010
Rules for Casino junkets
Junket promoters who flout rules face penalties of up to $400,000
By Jessica Lim AN HOUR before the high-roller touches down in Singapore, and all his details would already have been sent to the Casino Regulatory Authority of Singapore (CRA) - going by new rules released on Thursday.
The rules are even stricter on the casino operator and the junket promoter and its representatives, who bring in the big spenders. They will be required to disclose details of their financial history before being licensed to work here.
Flout these rules and they face penalties of up to $400,000.
Junket operators and analysts The Straits Times spoke to said that the rules are in line with what other jurisdictions require, although they admit that some high-rollers may stay away from Singapore if they want their movements kept private.
Before coming up with the rules, the CRA looked at how junket operations are regulated in the United States, Australia and Macau, said its spokesman.
'We are a leading financial centre with a high level of safety and security as a competitive advantage,' she said. 'We developed a junket licensing regime that would be suitable for Singapore's local context.
'It is developed to facilitate a conducive environment for junkets to operate in Singapore, without compromising on law and order considerations.'
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Casino junkets - the rules and the penalties
Casino operators have to:
•Endorse a junket operator's licence application by signing an agreement which, among other things, spells out the commission to be paid. Junket operators need this agreement to apply for a licence.
•Submit a monthly report for payments to all unlicensed service providers who get a commission from the casino, including, for example, a tour bus operator.
•Issue identification cards for junket operators and representatives, who will need to wear them at all times while in the casino.
•Notify the authorities within five days of a junket agreement being terminated.
Rules for junket operators and their representatives:
•Junket operators and their representatives have to be licensed. To qualify, they must reveal details of their financial history, among other things.
•They must be above 21, and not be a bankrupt or have been issued a casino exclusion order. Similarly their companies cannot have a history of insolvency.
•When requested, junket operators must provide the authorities with documentation and any information on their background.
•Junket operators must notify the authorities, in writing, within seven days of any representative leaving the company. A list of licensed representatives employed by them must be submitted to the authorities yearly.
•Junket operators have to keep a record of every junket - including details of each player like his full name, date of birth, nationality, address, passport number and taxpayer identification number. Details of their stay and the amount of commission, rebate or freebies given to each player must also be recorded.
•Records have to be kept for at least five years at a location in Singapore made known to the authorities.
Penalties include:
•A letter of censure, or the suspension or cancellation of the licence of the junket operator or its representatives.
•Changing any of the licensing conditions.
•A maximum $400,000 fine for junket operators and up to $10,000 for their licensed representatives for each violation.
•Disqualifying junket representatives from obtaining a new licence for a specified period.
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"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible.
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)
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