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Monday 24 April 2017

Clubs still milking millions from jackpot cash cows


Read? Clubs still milking millions from jackpot cash cows


 The jackpot operations of social clubs have been in the news lately after it was reported that the Tiong Bahru Football Clubhouse, at the basement of People's Park Centre in Chinatown, generated an eye-popping S$36.8 million in revenue from its 29 slot machines in the last financial year.

 That works out to roughly S$1.27 million for each machine, or just over S$100,000 per machine each month. The club paid out about S$23 million to punters in 2016, according to its annual report submitted to the Football Association of Singapore.

 (CW: 36.8 - 23 = $13.8M)
Posted by Createwealth8888 at 08:12
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2 comments:

  1. RayNg24 April 2017 at 08:59:00 GMT+8

    The clubhouse, which operates from 10am to 2.30am daily, is already a popular haunt for retirees on most days.

    Why these retires want to throw good money to the slot machine? :(

    ReplyDelete
  2. Spur28 April 2017 at 17:09:00 GMT+8

    Hmm I always knew jackpot machines really bring in the money ever since I helped out at the former NCO Club on Beach Rd (originally the colonial Britannia Club) in the late 1980s. But no guts or contacts to setup one.

    I remember even the old MND staff lounge had like 5 or 6 one-arm bandits, and they earned enough every year for lavish D&D and heavily-subsidized holiday trips. Not sure whether still got now.

    Below are the 2 main steps to start:
    1. Form a society with at least 500 voting members.

    2. Apply to police for private lottery permit --- $195 per year license.

    - Cannot advertise but each member can bring 2 guests.
    - Food & drinks can be served.
    - Annual tax to IRAS of 9.5% of takings.

    ReplyDelete

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