Malaysia estimated to lose up to US$1bn a year to illegal gambling

It’s been suggested that more enforcement action is needed.

Malaysia.- It’s been estimated that the Malaysian government is losing between RM2 billion (US$426m)  and RM5 billion (US$1bn) annually to illegal gambling. The estimate was made by Niaz Asadullah, an economics professor at Monash University.

Ravi Balakrishnan, a chartered accountant, tax consultant and lecturer at a private university, told The Sun: “Tax leakage resulting from illegal gambling will affect the funding of crucial public services such as education and affordable housing, healthcare and infrastructure development.”

“Just imagine, with the RM5 billion being lost annually due to illegal gambling activities, the government could build 52 new schools, provide RM100,000 scholarships to 50,000 students and build 33 24-storey police stations to enhance safety and security in the country.”

He noted that countries such as Japan were looking into legalising online gambling while increasing enforcement against illegal activities.