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Online Sports Betting Popular in Malaysia?

 

Online Sports Betting Malaysia - Introduction

Online sports betting Malaysia is one of the most popular forms of gambling that has evolved over the years, thanks to the rapidly growing market. Some of the most popular sports are football/soccer, basketball, and tennis. The goodness with online sports betting Malaysia is that, unlike gambling, the winning chances depends more on the strategy 8 betting skills but less of luck and probability. To fully understand the sports betting landscape in Malaysia, let's get to know the history of betting.

History of online sports betting Malaysia

While betting is as popular in Malaysia as in other countries in Asia, nearly half of the population are limited by the restrictive Sharia laws. The latter advocates for total abstinence from all types of gambling including casino games and sports betting. This doesn't, however, mean that online betting has been handicapped by the biased regulations in place. In fact, research shows that the number of people betting online in Malaysia has been increasing exponentially over the last decade. This is an indication that the future of sports betting in Malaysia's sites is subject to positive changes.

The Betting Act of 1953 has constantly been amended over the years in a bid to rule out some overtly primitive laws that have been holding back the country's economy. To date, legislators are under high pressure to update the betting rules since nearly everyone at some point finds a way (either legally or illegally) to bet on their favorite sports.

As of the last five years, sports betting on the Internet has seen a massive boom in Malaysia and that's not going to go away. The gambling spirit is quite popular with the ethnic Chinese, tourist and visitors living in the country. Whether this will extend to the other half of the population is subject to confirmation.

The Malay odds

Online sports betting Malaysia follows a unique odds format referred to as the Malay odds. Here, the odds are presented in decimal form but unlike the UK odds format, it requires some simple manipulation. An example is a football game with odds 13 in the UK decimal format. The latter means with a stake of $10, your possible win is $3 plus the $10 stake. The Malay odds for this game would be 030. If you're not used to the Malay odds, you can conveniently use any online odds converter.

Banking options

To transfer your money from any online betting platform to your bank or virtual wallet, you'll need either PayPal, Skrill, Neteller or any other e-wallet Payment mod. Many bookmakers in Malaysia allows these online payment systems since it gives users an option to deposit and withdraw funds anonymously, conveniently and securely. Certain sports betting in Malaysia accept Bitcoin. This offers an advanced level of security and anonymity compared to the regular currency.

Conclusion

Online sports betting in Malaysia has been estimated to record a whopping 20 billion Ringgits every year. This is a substantial portion of the expected Asian market of $12.9 billion come 2020. Whether or not online sports betting is popular in Malaysia is a no brainer. It's also evident that the future of online sports betting and gambling at large is well-defined.