is online casino legal in Malaysiais online casino legal in Malaysia

The Future of Online Gambling Landscape- is online casino legal in Malaysia

With the ever-growing pace of technological advancements, more and more people around the world are getting access to online casino games, in this blog post, we’ll discuss is online casino legal in Malaysia? How about its regulations, legality, and future outlook for it, in fact, it has been predicted that by 2020, there will be as many as 15 million online gamblers in Malaysia. It is important to know if online gambling legal in Malaysia and is online gambling legal in Malaysia.

Malaysia’s Online Casino Industry Overview

The online gambling industry in Malaysia is rapidly growing by 2020, it’s predicted that the industry in Malaysia will be worth $2 billion, this growth is aided by the fact that the Malaysian population is relatively wealthy, with almost 80% of the population having internet access.

The country’s thriving online casino industry is driven by many factors, one of which online gambling and the prevalence of smartphones and the availability of mobile data, compared to other Asian countries, Malaysia has a relatively small online gambling industry.

However, this is expected to continue to grow, primarily because of the large number of high-income Malaysians who have access to smartphones and mobile data and who are also familiar with online casino games. That is why many always ask is online casino legal in Malaysia or is online gambling legal in Malaysia?

Laws and Regulations for online casinos in Malaysia

Unlike many other countries in Southeast Asia, Malaysia does not have any specific laws regarding online gambling, however, there are some rules that all types of casinos in Malaysia have to follow, for example, all gambling operators, regardless of the business model they use, are encouraged to follow the same anti-money laundering and counter-terrorism financing guidelines.

As a result, there are currently nine licensed online casino operators in Malaysia among these, eight offer online slots, while one is an online sportsbook. The most popular games on these websites are slots, table games, and poker, a little more than half of the Malaysian online casino players choose to play slots, and a small percentage play poker or sports betting. This would give you an idea about the big question if online gambling legal in Malaysia or “is online casino legal in Malaysia?”

Legalizing Online Gambling in Malaysia

If someone would ask is online casino legal in Malaysia? It is good to know that the Malaysian government has been making efforts to bring online gambling to the country, in 2005, the government announced its intention to legalize online gaming. In 2007, the Gaming and Betting Act was drafted.

This was intended to regulate online gaming and to ensure that it adhered to strict standards, including consumer protection, however, the licensing process was delayed due to the global financial crisis.

However, after many delays and updates, the new law came into effect on 1 January 2018, the new law mandates strict licensing requirements for gambling operators, gaming operators will have to be licensed by the Malaysian government, and they will have to have a physical presence in the country.

Gaming operators will also have to have a banking relationship with a Malaysian bank and a local payment processor.

Future Outlook of the Malaysian Online Casino Market

In the near future, is the online casino expected to continue its upward trajectory? This is primarily because the market will benefit from the increased popularity of mobile gaming, which is more convenient and accessible on mobile devices.

Moreover, in December 2017, the Malaysian government announced that it would introduce a new data tax on all internet data usage, this tax is expected to significantly increase the demand for data among consumers.

With these developments, the Malaysian online casino market is expected to grow further and become one of the most lucrative gambling markets in Asia.

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