Online betting is indeed legal in Malaysia; however, the law is very clear and strictly adhered by both gamblers and betting sites. Since majority of Malaysian gamble online, they lack knowledge of the gambling regulations and this also applies to gambling site owners. This article highlights the key current online betting Malaysia legal information. Additionally, it offers further insights on top friendly gambling sites that users can open an account for free if living in the region.
Firstly, here are the key legal rules in Malaysia:
- The 1953 betting Act states that, all licensed and approved online gambling site by relevant Malaysia’s authority is legal. Moreover, this legalization includes large land based gambling such as horse race betting, casino and lottery tickets.
- The law prohibits internet café owners and banks from facilitating online gambling. This is a criminal offense with a minimum of 7 years imprisonment.
- Even so, no gambler or online betting Malaysia site has been punished from breaking these rules.
- Lastly, players from Malaysia are required using e-wallet to hide facilitated transactions and from the gambling sites.
Online gambling Laws and legislation
The above mentioned were key points, an overview of the legal gambling situation on Malaysia. Following are the countries regulatory laws on gambling.
- The 1952 lottery acts states that, all lottery companies in Malaysia is regulated by the authority of social and welfare service lottery board. Initially, the lottery companies were state owned; however, since 1985, the current existing lottery ticket providers are privately owned.
- The 1953 online betting Malaysia act, amended in 2006, legalizes all gambling deeds stipulating that: gamblers waging or betting in a bookmarker, house gaming,or whichever premises is guilty of an offense if the facility facilitating the gambling activities is not in accordance with the rules and regulations governing gambling.
- The 1996 gaming criminal offense for the Muslims. Arguably, this is the harshest criminal offense enactment targeting the Muslim population by the Islamic sharia law. This law differs from the 13 different states and is defined by what the crime constitutes under the set laws.
The Taxation factors
In some countries, but the players and companies are taxed by the government. The big question is does Malaysia players get taxed on winning?Companies offering lotteries provisions and casinos are majorly taxed ranging from goods and service tax, betting and sweeps take duty and gaming tax. It’s the punters that benefit from winnings since there is no system or mechanism by which the government of Malaysia can use to tax individual winnings.
The industry has seen influx of abroad companies competing with local providers making it a competitive and lucrative business at the expense of losing gamblers. For the abroad, the major challenge that gamblers face is limited deposit options burring Malaysia’s enjoying their provision. Furthermore, the Malaysia banks often reject debit and credit card deposit and bank transfers to gambling site thus limiting users to mobile wallet system. Those that win big are offered a check that takes time to mature. Nonetheless, online gambling Malaysia is a lucrative and promising routine income earning provided you’re gambling responsibly.0