Legalizing sports betting in Malaysia will generate more than US$900 million a year for government coffers, the magnate leading the controversial project said in remarks published yesterday.
The government last month granted a sports betting license to Ascot Sports, a company controlled by influential tycoon Vincent Tan, in a bid to boost tax revenues, but the move has run into stiff opposition.
TREASURY BOOST
“By legalizing sports betting ... the government could earn annual revenue of up to 3 billion ringgit [US$940 million] through taxes,” Tan was quoted as saying by the New Sunday Times newspaper.
“Why are some politicians so against this?” he said.
Muslim groups have denounced gambling and three opposition-controlled states have imposed a ban on legalized sports betting which they fear could cause debt problems for punters and other social problems.
Speaking out against the criticism for the first time, Tan said that starting in September punters in Malaysia would be able to place bets on the hugely popular English Premier League football.
Tan is chairman and chief executive of property-to-gaming group Berjaya, which bought a 70 percent share in Ascot Sports him for 525 million ringitt.
OPPOSITION BANS
He said Berjaya would appeal to the opposition controlled states — Selangor, Penang and Kedah — to lift their ban on legal sports betting.
Berjaya said the illegal sports betting market in Malaysia was worth as much as 20 billion ringgit a year, the paper reported.
Malaysia bans its majority Muslims from gambling but allows betting on the national lottery and on horse-racing at a casino operated by Genting Group.
Government officials have said they plan to channel the revenue generated from legalized gambling into sports development, but that the move will not eradicate match-fixing, which has long blighted football in Asia.
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