The law surrounding online betting in Malaysia is sometimes a very hard subject to navigate. This is largely because the law is based on a colonial mentality which has been inherited by the current government. The country is now a multi-racial one. Apart from native Malaysians, other non-Malaysian residents, Chinese and Indians also make up a large proportion of the population. In fact, in many respects, the law surrounding online betting is dictated by religion, with the Islamic law requiring it to be strictly followed.
Despite this, some government officials believe that online gambling should be legalized so that Malaysians could enjoy the same benefits that tourists from other countries have. The argument they put forward is that the laws surrounding gambling at casinos already exists in Malaysia. Therefore, why not just regulate online gambling as well? After all, these days, gambling websites are operating all over the internet worldwide. They have access to players from wherever they are. Just because they operate online, does not mean that there is no law whatsoever covering the operation of online gambling in Malaysia.
As it turns out, online betting in Malaysia is not as easy as it is on the internet. Even though there are several websites that allow betting, only a few of them follow the law in terms of being licensed and operating legitimately. So, you may ask, where can you find these licensed online betting websites? In simple terms, you only need to know where to look. All good business operators understand that in order to succeed online, you have to be able to find willing customers and partners. If you do not have contacts with other entrepreneurs, you would not be able to establish a stable business.
The best way to start looking for online betting companies is to browse through the internet and look for online betting portals. A simple search on your favorite search engine site or through the much famous Google will bring you to many portals that offer this service. Most of these websites are operated by offshore companies that would not want to get directly involved in an online betting business in Malaysia.
Once you have researched the available companies, it would be time to open your own account and start wagering. Once your account is opened, you will just need to deposit funds into your bank account using a debit card. There are many online banking services in Malaysia, which also allow customers to make deposits and withdrawal funds from their respective accounts. You would also need to set up an exclusive bank linked with your credit card company. Once this is done, online betting would commence.
Most of these companies offer the facility of placing a bet through various payment methods including credit cards and online transfers. It is very important to read the terms and conditions of the websites of these companies before placing a bet. Each bet is based on the rating, which the company decides after taking into consideration several factors such as start up capital, the total amount bet, initial margin and many other factors. There is usually a small start up fee which needs to be deposited by the customer. This amount is then used as the “stretch” or “teaser” amount and funds are usually kept in a separate” Wagering Account”.
Most of these online betting websites have the facility of displaying the previous outcomes of each game. Online betting in Malaysia has become so popular that there have been several regulation changes in the law relating to online gambling. A few years ago, all individuals who were undertaking online betting in Malaysia were required to obtain a license from the Gambling Commission of Malaysia (GCM). However, this rule was later overturned in 2021. This decision resulted in a surge of new applications from individuals who wanted to engage in online betting.
There are now several companies that operate in Malaysia with licensed offices. These companies have signed an agreement with the GCM and do not require a license to operate. These companies would however, require the customer to provide them with the necessary application forms. If any information is required from the customer, such as his personal details and bank account details, he would be required to sign a confidentiality agreement before being given permission to access the online betting systems.