Gambling is a multi-billion dollar revenue that benefits the government. As licenced gambling operators rake in money, they also need to pay taxes. Malaysia, a Muslim country, allows non-Muslims to bet on casinos and international sports events to somehow earn money through taxes and in a way put a stop on illegal gambling.
In Malaysia, gambling remains a political issue. A large part of its population are Muslims covered by the Sharia Law that prohibits any form of gambling. Non-Muslim locals in the country include Indians and Chinese. These minorities are not under the Sharia Law and are permitted to bet on lotteries and horse races only. This restriction gave rise to illegal gambling and the eventual decline in the profit of legal casinos and gambling entities in Malaysia. Profit loss means lesser tax revenues for the government. It was estimated that Malaysia’s illegal sports betting totals to about 20 billion ringgit annually.
The country gave Ascot Sports a licence to run sports betting in Malaysia. Non-Muslim locals and tourists in the country can place wagers on basketball, soccer, motorcycle racing, golf, and tennis. The permit is hoped to put a stop on illegal betting and potential loss of 4 billion ringgits annually in tax revenues. Despite the licence, the Ministry of Finance still reiterated that all employees and stakeholders in the sports betting operations must be non-Muslims.
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Again, online sports betting is illegal in Malaysia. The only way for Malaysian residents to place their bets on online sports is by using international bookies and at the comforts of your home. Using reliable online sports betting sites with international gaming licence will not get you in trouble since they are beyond the Malaysian government’s jurisdiction and that these sites operate legally.
Malaysian residents can use Asian bookies that specialize in football and other sports. These websites support a wide range of currencies including the Malaysian ringgit. Players can also register with a European bookie but depositing is not as easy as Asian bookies. The best way to deposit is by using an e-wallet such as Neteller.
It is highly advisable to use multiple betting sites so you can have an idea about which sites offer the best odds, promotions, and bonuses. You can also compare which has the easier deposit and withdrawal processes.
To play and have better chances of winning in Malaysia sports betting, you have to be familiar with the Malaysian odds format, which is often supported by Asian bookmakers. Malaysian odds or Malay odds are often used by more experienced punters. Odds using this method are described in positive or negative odds.
Negative Malay Odds. Bettors will receive more than even money when the odds are negative. This is because you dealt with an underdog with has 50% lesser chance of winning.
Positive Malay Odds. This type of betting odd means that what you bet on has 50% more chance of winning.
This type of odds is not available in European bookies. These bookies use US or UK odds, fractional odds, and decimal.
American Odds are the usual format in most betting sites. Like the Malay odds, they are expressed in negative or positive numbers. Positive odds mean the amount a player will win on a successful bet. On the other hand, a negative odd represents how much a player will bet to win. Decimal Odds is also known as the European Odds and is the easiest format to understand as it simply represents how much your bet will earn. The two numbers on Fractional Odds mean the amount one can win (first number) and the stake (second number). For example, 10/1 means you stake 1 to win 10.