40 draws being cancelled<\/a><\/em><\/strong>, RHB Investment Bank said this week.\u00a0\u00a0<\/p>\n\n\n\nA gaming industry source estimated that illegal syndicate operations amount to between one-and-a-half and two times official operations and that the government could be missing out on about\u00a0RM3 billion (US$724 million)\u00a0in tax income a year.\u00a0<\/p>\n\n\n\n
The sources\u00a0told The Star that in the last decade illegal syndicates have grown more sophisticated, offer bigger cash prizes and allow online purchases via WhatsApp on draw days.\u00a0They also pay better commissions, of between 20 and 30 per cent, to illegal runners.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
There are six licensed NFOs in the country that report annual revenues of more than US$2.1bn and make tax payments of US$482m.\u00a0<\/p>\n","protected":false},"author":2,"featured_media":11099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Licensed Number Forecast Operators (NFOs) in Malaysia are experiencing significant revenue erosion due to sophisticated illegal gaming syndicates, exacerbated by pandemic-related draw cancellations. This illicit market, estimated at 1.5 to 2 times the size of official operations, results in an annual loss of approximately US$724 million in potential tax revenue for the Malaysian government.","focusai_entities":"Magnum, Sports Toto, Damacai, Special Cashsweep, Sabah88, Sandakan4D, RHB Investment Bank, The Star","focusai_location":"Malaysia","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.8), operator_casino (1.0), investor_analyst (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Enforcement Efficacy","query":"What specific enhancements to regulatory enforcement and inter-agency collaboration are being considered to counter the increasing sophistication of illegal NFO syndicates in Malaysia?"},{"label":"NFO Strategic Response","query":"How are licensed NFOs adapting their business models and player engagement strategies to compete effectively against the prize structures and online accessibility offered by illicit operators?"}],"footnotes":""},"categories":[161,439,16333],"tags":[226,2895],"class_list":["post-11097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news","category-legal-news","category-south-east-asia-news","tag-malaysia","tag-taxes"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11097"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11097\/revisions"}],"predecessor-version":[{"id":11119,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11097\/revisions\/11119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11099"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}