Online betting in Malaysia? The law surrounding online gambling in Malaysia is sometimes a hard subject to navigate. The country is a multicultural one. Apart, from natives Malaysians, the nation also comprises of people from other parts of the world, especially China and India.
The Betting Act of 53 prepares Malayans and foreigners from taking part in online gambling activities. The law specifically prohibits both native Malaysians and non-Malaysians from running or participating in online gambling. There are many controversies surrounding the laws surrounding gambling, especially as regards to its legalisation in Malaysia. One issue that is commonly raised in the Malaysian public debate is the likelihood of an increasing problem on the legalisation of online gambling in Malaysia. This fear is likely to be further fueled by the upcoming New Year celebration, which comes at the end of January.
The government has remained firm in issuing a ban on online gambling across the country. This follows several weeks of heightened security measures that were implemented following the attacks on Malaysian airliners. It is believed that the New Year celebration might fuel more controversy as it comes during a period when major festivities are underway. The authorities have released images of banned betting websites in Malaysia and say that they are being run illegally. Online betting is illegal in the country despite the existence of various governmental gambling websites and police raids.
In spite of this, online betting is widely popular in Malaysia. Thousands of Malayans partake in online betting across a range of casinos, sportsbooks and poker rooms. Some of these online casinos operate directly with online bookmakers, while others are operated by government-approved licensed gambling establishments. The online betting industry in Malaysia operates in a grey area with some elements legal while others run against the law.
The legal system in Malaysia takes a dim view of online gambling and regards it as being illegal. This makes online betting something of a grey area in the country. There are only a handful of licensed online betting outlets operating in the country. Many of these operate using fake identification documents that can be easily stolen by dishonest operators. It is also not easy to find out if a casino is licensed by the law; in some cases you will not even know if the site complies with the law until it is too late.
Most online betting in Malaysia operates under the Proceeds of Crime Act 1997. The act stipulates that all operators of online gambling must register with the Law Society of Malaysia (LSP) and the Monetary Department of Malaysia (MDA). These agencies undertake the responsibility of maintaining the criminal record of all licensed operators of online gaming in Malaysia. These agencies also provide the services of keeping the registration status of websites and ensure that they follow the stipulated laws on deposit and withdrawal of money from online accounts. However, these agencies are not allowed to provide legal advice.
There are also strict limitations on the transfer of cash by individuals to and from any place in Malaysia. Individuals can transfer funds from an online betting account to another one but they may not withdraw the same from their existing account. There are some establishments that allow players to use their credit cards but they have to pay a commission on any winnings.
As online betting in Malaysia has not yet developed to the extent that it is commonplace in the US and Europe, many people do not understand the risks associated with online gambling. Online gamblers in Malaysia should be aware that they are bound by law to register with the appropriate regulatory authority and they cannot operate an online gambling facility unless they have obtained a licence. There are also laws that prohibit the transfer of gambling winnings to other countries. A number of countries have implemented financial penalties for those who fail to comply with their own laws on online gambling. Online betting in Malaysia may continue to evolve as more online gaming sites open in the country.