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How Online Sports Betting Work in Malaysia

by new_c_admin
How online sports betting work in Malaysia

At its most fundamental level, the Internet has revolutionised almost every facet of our lifestyle⁠—how we shop, eat, travel, and communicate. It has also influenced how businesses across almost all industries operate, including gambling.

Internet connectivity has given birth to online casinos and sports betting, and people who are patronising these games are increasing by the numbers.

History of Online Casinos & Sports Betting in Malaysia

While the oldest profession is fairly established, it’s arguable that the world’s oldest pastime might just be gambling. Back in the days, people would meet in street corners, playing cards and betting on games.

This form of entertainment eventually evolved, thus giving birth to places like betting shops, casinos, and today—online betting. Today, millions of people use the Internet to place their wagers and as a result, the online betting industry rakes in billions of dollars every year, with no signs of slowing down.

A look into the psychology of gambling would suggest that one of the reasons for gambling is that it is human nature to take risks. We feel excited when taking risks and the positive feeling associated with gambling is no different. It creates a sense of anticipation that triggers an adrenaline rush—the feeling that makes gambling something people think they can’t live without.

Several years have passed and gambling remains a favourite pastime. Only this time, it is mostly enjoyed online in many different forms: online poker, online casinos, online roulette, and online sports betting.

Factors that drive online gambling market growth

At this point, you may be wondering, “how does online sports betting work?” It’s quite a very straightforward process: like how you would play in a land-based casino, you simply have to put your money where your mouth is.

Let’s further break down online sports betting in the article.

What is online sports betting

Part I: What is Online Sports Betting?

Much like a traditional sports betting, online sports betting involves placing a wager, called a bet, on the outcome of a sporting event—football, horse racing, tennis, rugby, boxing, etc. A bet usually has two possible outcomes: either you win or lose.

While sports betting primarily places wagers on sports, it also involves betting on entertainment, such as the winner of dance contests, etc. Below are a few terms you should be familiar with in sports betting:

  • Betting Exchange – is a service that provides a marketplace where odds are set. 
  • Bettor (also punter) – is a person who places bets. 
  • Bonus – is a financial bonus sportsbooks offer to incentivize bettors to patronise a certain site. (e.g. sign- up bonus)
  • Bookmaker (also bookie, sportsbook, or betting agency) – is the one who offers the odds, takes bets, and manages payouts. • Odds – is the likelihood of victory, draw or defeat for a given player or team, as figured by the bookmakers.

When you place a bet on an outcome, you are backing that outcome. For example, if you bet on Team A to beat Team B, you are backing Team A. In most cases, you can only back an outcome with bookmakers. But, in betting exchanges, you can bet both for and against outcomes—betting against an outcome is referred to as a lay bet.

Is Online Sports Betting Legal in Malaysia?

The Asia Pacific is an emerging market in the gambling industry, generating a significant amount of global gambling revenue. This is attributed to the large populations in the region and the rapid development of its economy.

But, while it’s the case, not all Asian countries allow gambling activities both online and in land-based facilities. This is particularly true in Muslim countries like Malaysia where although gambling may be legal, it’s strictly controlled by regulatory authorities.

The Betting Act of 1953

A law that has been revised several times in the past, the Betting Act of 1953 distinguishes illegal gambling from legal gambling—whereas businesses with a license are permitted to run legal gambling operations for non-Muslims in the country like horse racing, lottery, etc. It indicates that illegal gambling operations are punishable by a maximum of a 6-month prison sentence.

gaming safe image

In addition to that, 60% of the Malay population, which are Muslims, are bound by the Sharia Law, which bans them from gambling—even the legal forms of gambling allowed under the Betting Act of 1953.

The Benefits of Online Sports Betting

People have started placing bets online almost as soon as the first betting sites surfaced on the Internet.

Many sports betting sites have appeared since then and have been constantly evolving to offer so much more than they used to and yet, there remains plenty of people who are reluctant to bet online. While some have valid concerns, others are probably yet to realise the benefits that online betting has to offer:

Convenience

The convenience of online betting is unmatched. Even if you live right next door to a bookie, betting online saves you from the need to leave the house and make a bet. Plus, it only takes a few steps to place a bet online:

  • Visit a betting site and log in
  • Fund your account 
  • Place the wager 
  • Get back to the game

The process should take a few minutes at the most. Sounds convenient, right?

Ease of Betting

Apart from the convenience being offered, you can have last-minute bets with online casinos, too.

It means whenever you feel lucky or hear a great tip in a race, you can visit the website and place your bet—no need to travel to the casino and miss out on any good opportunity.  Many online sports betting sites have mobile apps too, making it more accessible.

Variety

With online sports betting, you get access to a wide range of options, which is unlike traditional betting where you can only bet on the markets they have to offer. This diversity of available markets translates to better winning opportunities.

Several studies suggest that bettors are likely to take different directions to boost their chances of winning and that is exactly what online sports betting can offer.

Bonuses & Promos

The most reputable online casinos in Malaysia offer bonuses and promotions for its users. These include providing promo codes for new users and/or a chance to win cash prizes—something that is not usually available in traditional casino and betting.

In the event that your local casino offers betting specials, you will find that online bonuses are way better. So, if you want to bet online, make sure to take advantage of these promos.

Several Payment Options

Another advantage of betting online is that you have several payment options to deposit into your account. Most betting sites in Malaysia offer a range of payment channels such as credit cards, bank transfers, etc. This adds up to the convenience online betting has to offer.

Safety

Online betting sites appeal to different sets of people—even those who get worried about their privacy and are having doubts about signing up and depositing a huge sum of money. Some of the reasonable concerns include:

  • Fly-by-night sites 
  • Phishing 
  • Withdrawal issues

While these can happen, you can avoid these risks by doing your research, which is something you would naturally do before trusting any site with your money.

Why should you bet online

Most online betting sites are licensed and regulated by law. They follow a specific set of rules and particular standards, therefore you can rest assured that your funds are safe. So, make sure to find these reliable sites.

But, the question is, how do you find safe, secure, and trusted online gaming sites?

Where to place your sports bet online

Part II: Where to Place Your Sports Bet Online

There are hundreds of online casinos and betting sites to place your bets on—at the least—each claiming to be safe and trustworthy. But, you can never know for sure unless you do your research.

So, we have made the vetting process easy with some tips on finding the safest and most reputable online casinos in Malaysia. Let’s start with learning how to identify the rogue ones.

4 Red Flags of a Suspicious Online Gambling Site

  • Changing terms all of a sudden: A shady online casino would change terms suddenly and occasionally to back up their claims and avoid liabilities. An example is updating their guidelines to prove that a bettor has violated their terms, so they don’t have to pay them.
  • Offering bonuses that are too good to be true: It may also try to lure players by offering some great bonuses and rewards to the point that they are outrageous. Therefore, if you’re the kind to be persuaded with such offers, you may be setting yourself up for a scam.
  • Illegal marketing practises: Watch out for how casinos market their business. Some businesses acquire your information from their affiliate networks and spam you without your permission. You will want to avoid those.
  • Struggling/avoiding to settle payouts: Lastly, avoid casinos that are either slow to pay or not paying bettors at all. Some shady tactics include sending verification requests over and over to delay a cashout.
4 Red Flags of a Suspicious Online Gambling Site

How to Find Reliable Online Casino & Betting Sites

There are plenty of gambling sites you can find online and it remains a fact that among the legit operators, several scam casinos proliferate too. Therefore, it’s up to you to be more discerning when deciding where to sign up. Below are some things you should look for to determine the reliability of an online casino.

Documents

Legitimate online casinos are registered and licensed. When a site is legit, they would be willing to put their registration and license information on display. This should allow users to verify the documentation provided and get the assurance they need.

Customer Reviews

What do other players have to say about a gambling site? These days, it’s so much easier to identify scammers and alert others about their activities through reviews from people who actually played on such websites before.

Software

Another indicator of the legitimacy of a casino is when it provides all the information about the maker of its software on its website. It’s a huge plus to see the names of web developers attached to a gaming site.

Withdrawal Methods

How will you take your money out? Check the withdrawal methods that the site allows and make sure it’s easy to cash out your earnings when you have to. Some gambling sites make it hard for users to withdraw money, so they will be forced to reuse and bet the money instead.

Checking these factors will help you gather an idea about the kind of experience that awaits should you decide to proceed with signing up for a specific online gaming site. When they are operating legitimately and have passed these background checks, then there’s almost nothing for you to worry about.

Where to Find the Best Online Gambling Sites in Malaysia

Alternatively, you can skip all these points and find a reliable site that reviews all the safe, secure, and trusted casino and gaming sites in Malaysia. GamingSafe is an independent gaming and online sports betting review site that gives you a list of sites to place your wagers online.

We keep our lists updated, including the lists of blacklisted gaming sites—those fake gaming sites that are trying to scam users money by getting them to deposit funds into the site. Reports show that users were able to register an account with these sites, but the sites have no active means of contact to withdraw funds.

Step by step guide to start online sports betting

Part III: Your Step-by-Step Guide to Start Online Sports Betting

By understanding the benefits of online sports betting and knowing how to spot a reliable gambling site, we’re pretty sure you’re ready to get out there.

Online gambling sites in Malaysia offer several other advantages too and it’s so easy to get started. All you have to do is select a site, sign up for an account, deposit some funds, and get started. Whether you’re a beginner trying your luck to online sports betting or someone who could do with some refresher, here’s a comprehensive guide on how online sports betting works plus some tips on how to improve your chances of winning.

The Three Components of a Sports Bet

All sports bets are primarily made up of the same three components: selection, stake, and odds.

Selection – As the name suggests, this is the part where you select which team you want to bet on or what specific outcome you would like to wager on.

Stake – How much do you want to bet? A stake can be as low as $10 but for the term high-stakes, you can assume they are large amounts of money people are betting. The stakes are usually up to you, but some sportsbooks require minimum/maximum stakes.

Odds – As said earlier, odds are the likelihood that something will happen—either victory, draw, or defeat for a given player/team.

The odds are where betting gets a little confusing because not every bet in the sportsbook is paid 1:1, in which case, you win $5 if you bet $5. Instead, sportsbooks will pay you based on the likelihood of your bet to occur: the less likely something is to happen, the more you will be paid if you win and vice-versa. Once you get the hang of it, you’ll become more confident in betting on live sports.

What Sports Can You Bet On?

These days, you can bet on pretty much every professional sport online—football, horse racing, lacrosse, hockey, soccer, etc. In fact, it’s easier to list the sports that you can’t bet on than those you can.

But, of course, not every gaming site covers every sport imaginable. For example, some sites that are a dedicated online football betting site in Malaysia. For the majority of gambling sites, however, they cover all the major events and at least a few of the less mainstream sports.

What sports can you bet online

So, regardless of the sport you want to wager on, you’re sure to find at least one gaming site that has got it covered.

GamingSafe: Why Use Online Gaming Review Sites

There’s an online sports betting site that is reputable, trustworthy, and covers everything you need. But, the problem is, you can’t tell which site it is among the pool of sites you can find online.

The good news? GamingSafe can help. We review all the online casino and sports betting sites in Malaysia, Thailand, and Indonesia so you don’t have to and recommend all the games you can enjoy.

Some of the factors we consider in identifying the reputation of a gambling site include the following:

  • History and proven track record
  • Licensing & regulation 
  • Ease of use 
  • Range of sports and events covered 
  • Payment methods available 
  • Speed of payouts 
  • Customer service responsiveness 
  • Bonuses and promos

These are the fundamental requirements and you can further trim down your options based on any preferences or specific requirements you may have. It may require more effort, but it should help you get the best possible online betting experience.

We have already done the job for you and we guarantee that our reviews are up to date, detailed, and honest. We cover all the basic information you have to know about a site: what it is, what it has to offer, what it does well, and what it doesn’t.

If you want a quick solution, you can check out our recommendation of the best sports betting sites in a wide range of categories and sporting events, making it easier to find what you need.

The Future of Online Sports Betting in Malaysia

The gambling industry in Malaysia is thriving—despite the country having only one official and legal casino, Casino de Genting. While it has limited the access of its local citizens to gambling, the availability of online gambling sites has paved the way for a wealth of betting opportunities for both locals and foreigners who wish to experience the adrenaline rush of gambling, even at the comforts of their home.

While the country is yet to have clear guidelines with regards to gambling, one thing remains certain: online gambling will continue to influence our betting lifestyle and contribute greatly to society’s acceptance of gambling.

How has online sports betting changed the way you play? Share us your story by leaving a comment below.

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