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1. Gambling Industry In Malaysia
2. Gambling Industry In Malaysia Berhad

It can sometimes be a little tough to get your head around exactly what the legal situation regarding gambling is in any given country and Malaysia is no different.

Online betting in Malaysia is straightforward so check out the key facts about the current legal situation below. Where possible we’ll also suggest Malaysia friendly betting sites where you can open a betting account if living in the region.

Malaysia Betting Sites: Top Asian Bookie

Key Facts: Online Gambling In Malaysia

• Betting Act (1953) states any gambling licenced and approved by government is legal.
• One large land based casino, horse race betting and lotteries all legal.
• Banks and internet cafe owners can be punished for facilitating online gambling.
• As yet players have not been punished for online gambling.
• Players from Malaysia should use an e-wallet to hide their online gaming transactions.

Gambling Law & Legislation Timeline

The above key points should give a good overview of the general situation regarding gambling in Malaysia. For a more in-depth explanation, however, we also include the below timeline of the country’s major gambling legislation:

1952 – Lotteries Act

The 1952 Lotteries Act allowed for the legal operation of lotteries in Malaysia under the authority of the Social and Welfare Services Lotteries Board. Originally all legal lotteries in Malaysia were government run but the three currently existing providers have been privately owned since 1985.

1953 – Betting Act

Malaysia’s Betting Act of 1953 is the single most important piece of legislation when it comes to gambling within the country. This act was most recently amended in 2006 and essentially makes all gambling illegal by stipulating that:

any person who bets or wagers in a common betting house, or with a bookmaker on any premises or by any means, shall be guilty of an offence.

The act does also state, however, that this does not apply to any approved or licensed gambling activities – which at the time would have meant lotteries due to the act passed the previous year.

1953 – Common Gaming House Act

As a complement to the aforementioned exception included within the Betting Act, the Common Gaming House Act was also passed in 1953. This act meant that:

the Minister of Finance may, in his discretion, by licence authorize a company registered under the Companies Act…to promote and organize gaming.

It was this, therefore, which allowed the Malaysian government to authorise construction and operation of the nation’s single large casino at ‘Resorts World Genting’ in the Titiwangsa Mountains between the states of Pahang and Selangor.

1961 – Racing (Totalizator Board) Act

As a means of legalising another form of gambling which had been prohibited since 1953, the Racing (Totalizator Board) Act was passed in 1961. This act made pari-mutuel horse racing betting legal as long as it was undertaken at the country’s race courses themselves.

1996 – Penang’s Syriah Criminal Offences Enactment of 1996

Gambling Industry In Malaysia

Each of Malaysia’s 13 different states has passed its own legislation relating to what constitute specific crimes under Islamic Sharia Law for their Muslim population. These laws do not apply to the non-ethnic Malay population but do set down the potential punishment for any Muslims found to be gambling. These punishments can differ from state to state but are typically quite harsh.

Gambling Industry In Malaysia Berhad

2010 – Change of Mind?

In 2010, a company named Ascot Sports Sdn Bhd was widely expected to be granted Malaysia’s first licence for online sports betting. There were soon protests from the country’s Muslim community, however, and the licence never materialised, with the government claiming that it was never going to be granted in the first place. In spite of this, there does remain a significant sector of Malaysian society which supports the legalisation of sports betting.

Do Players Get Taxed On Winnings?

Providers of legal and licensed gambling in Malaysia, such as the lottery operators and the company owning the nation’s one casino, are subject to payment of a number of different types of tax. These include a so-called ‘Goods and Services Tax’, a ‘Gaming Tax’ and a ‘Betting and Sweepstakes Duty’.

Punters who take advantage of those legal forms of gambling, however, are fortunately not charged any tax at all on winnings. With online gambling being illegal in Malaysia, too, there is no mechanism by which the state could charge tax on that activity.

Online Deposit Options & Methods

There are no two ways about it; online gambling is illegal in Malaysia. Many citizens, however, do still do it and a number of notable overseas based online gambling providers do cater for Malaysian customers. Those Malaysian punters who do use overseas based sites to gamble, however, often find their options for depositing money quite limited.

Malaysian banks, for instance, routinely block bank transfers and debit or credit card deposits to gambling sites and many UK based bookmakers also do not accept card payments from Malaysian accounts. In order to circumvent these problems, punters often use e-wallet services such as Skrill in order to deposit or set up an account through Entropay in order to garner a virtual Visa card.

(Bloomberg) -- Strategists at one of the world’s largest wealth managers are issuing a warning to newbie crypto investors plunging into the record rally: You could still lose all your money.

Between regulatory threats and central bank-issued competitors, there’s nothing stopping a wipeout in big-name digital currencies eventually, according to UBS Global Wealth Management.

As Wall Street jumps on the Bitcoin rally like never before, the Swiss firm says prices may rise in the near term, but the industry faces existential risks over the long haul.

“There is little in our view to stop a cryptocurrency’s price from going to zero when a better designed version is launched or if regulatory changes stifle sentiment,” authors including Michael Bolliger, the chief investment officer for global emerging markets, said in a report Thursday. “Netscape and Myspace are examples of network applications that enjoyed widespread popularity but eventually disappeared,” the strategists wrote in response to rising client interest.

With Bitcoin slumping back to $35,000, the famously volatile asset class is stoking debate among the world’s biggest money managers. While famed investors including Paul Tudor Jones and Stan Druckenmiller are entering the industry, critics see gambling, scandal and manipulation.

In the near-term crypto prices could climb anew powered by market momentum, institutional adoption and limited supply. But over the long term, the market risks regulatory intervention, the strategists said, citing the U.K.’s decision to ban sales of certain crypto-derivative products to retail investors.

Like most firms, UBS Wealth is skeptical on the real-world utility of virtual tokens, but stop short of calling crypto prices a bubble, given the difficulty of determining a fair value for an asset without cash flows.

Other investors have put ambitious price targets on Bitcoin, saying it’s destined to keep rising as more institutional investors sell their gold holdings in favor of the digital currency in order to diversify portfolios. Scott Minerd of Guggenheim Investments said Bitcoin could be worth about $400,000, while JPMorgan Chase & Co. strategists see a case for $146,000 in the long run.

“Investors in cryptocurrencies must therefore limit the size of their investments to an amount they can afford to lose,” UBS Wealth said.

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