The government wants Malaysia to have better online gaming legislation and is soon to amend the country’s laws on the gambling industry to include the segment.
Malaysia.- Technology progress in the gambling industry requires governments to continuously improve their laws. That’s why Malaysia will amend its own to improve online gaming legislation.
As detailed by home Minister Muhyiddin Yassin, current legislation dates back to the 1960s. That’s why, he says, new regulations need to be drawn and further approved.
“(They need) updating because, at that time, there was no online gambling,” he said in the Dewan Rakyat. “The government is fully aware of the rampant illegal gambling activities in the country, including in Sibu, Sarawak.”
According to Yassin, some syndicates – which operate without licences – can earn up to €65k a day. “The number of syndicates is increasing,” he added.
Other regulation changes
Recent changes for casino regulations included some Malaysian tax hikes that worried the industry. However, according to recent reports, their impact was less harmful than analysts had expected.
In June, Genting Malaysia Bhd announced its decision to withdraw a judicial review against the Malaysian government. Genting’s Malaysian lawsuit challenged a decision over promised tax incentives for its multi-billion-dollar revamp plan for the Resorts World Genting.
The developments had worried the segment, but analysts say it shouldn’t be a major worry. According to experts, it doesn’t change the total tax allowance which means its impact will be less harmful than expected.
Genting Malaysia’s 26% decline in net profit during the first quarter of 2019. It posted €54.2 million due to an overall lower volume of business in its gaming segment.