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Around the world, the debate rages over whether \u201cloot boxes\u201d amount to gambling or not and what, if any, further action is required. As a report in the United Kingdom finds that loot boxes tempt young people into gambling, in Singapore the Second Minister for the Home Office has argued that globally, more needs to be done.<\/p>\n
This global pressure is now likely to be felt by the gaming world.<\/p>\n
Speaking at the 5th Singapore Symposium on Gambling Regulation and Crime, Mrs Teo noted how gambling preferences have changed, with the younger generation less interested in traditional gambling products such as jackpot machines and horse-racing.<\/p>\n
In order to attempt to attract this new, youthful audience, companies have created \u201cnovel products\u201d such as so-called \u201cloot boxes\u201d. These online crates are a virtual mystery, that players are encouraged to buy in order to help them up-level their game. They could gain a key piece for their game or they could lose out.<\/p>\n
Other operators have simply reinvented traditional aspects of gambling, with added skills-based elements in an effort to have them resemble computer gaming products, the minister said, citing slot machines with joysticks or other features that allow users to make choices during the game.<\/p>\n
\u201cSuch new products across various modes of gambling or gaming will certainly require us to put on our thinking hats, and probably take a look at the new laws we need to put in place to regulate,\u201d said Mrs Teo, who is also Manpower Minister.<\/p>\n
\u201cRegulators and law enforcement agencies need to keep up to date with these developments and make sure our policies and rules remain effective,\u201d she added.<\/p>\n
During the speech, she challenged global regulators to adapt their stance to account for these new measures.<\/p>\n
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Around the world, the debate rages over whether \u201cloot boxes\u201d amount to gambling or not and what, if any, further action is required. As a report in the United Kingdom finds that loot boxes tempt young people into gambling, in Singapore the Second Minister for the Home Office has argued that globally, more needs to […]<\/p>\n","protected":false},"author":3,"featured_media":34333,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3,8],"tags":[],"class_list":["post-39103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","category-igaming","category-latest"],"yoast_head":"\n