Is online betting safe in Malaysia?

Is online betting safe in Malaysia?

People in Malaysia have a great passion for sports, especially football. It is estimated that over MYR 4 billion ($1.2 billion US) is spent on gambling online yearly, with over 90 percent of all that money spent on football betting.

Even though online sports betting is huge in Malaysia, this activity is yet to be legalized. Severe penalties are subjected to people found guilty of engaging in betting. This reason doesn’t mean that gambling does not take place in the country; people still bet on their favorite sports and use sites www.mightytips.com

Online betting in Malaysia involves your hard-earned cash, so your site of choice must be reliable, secure, and trustworthy. Take your time to scrutinize the betting site to ensure it has a valid gambling license. It’s also important that you look at their gambling history to ensure that you are well protected. 

Almost all betting sites will need the verification of your identity first before you open an account. To meet this, they’ll request scans of your identity card photo and a copy of a utility bill bearing your name.

Online Gambling Malaysia – 5 facts to Know

The gambling regulations that are in effect today were introduced in 1953 when the Common Gaming Houses Act and the Betting Act were adopted.

  • Betting in Malaysia has not been legalized
  • More than 20% of Malaysian adult citizens indulge in gambling 
  • Only horse racing and lotteries are legalized in Malaysia 
  • Betting is not allowed for those less than 21 years in all land-based betting casinos and shops
  • Gambling and betting winnings are not taxed

Malaysia Betting Deposit/Withdrawal Options 

One essential thing to consider when choosing a betting company is the deposit and withdrawal options. A good betting company is that which assures bettors of fast and safe deposits and withdrawals. We recommend you to a bookmarker that has been tried and tested to ensure that your funds and information are safe.

Deposit Options and Austrian bookmakers

Many great banking options are put in place for Malaysians. The most famous form of money transfer currently in the world is PayPal. Online money transfer is also the leading choice for punters on Austrian bookmakers.

Do your research to find sites with the best banking options in the market. Many bookies have an option to use PayPal for deposits and withdrawals. This option enables you to carry out fast and more secure payments so you can go on making bets.

Skrill is another well-known form of funding for online betting in Malaysia. Similar to PayPal, Skrill is an e-wallet and online funding service accepted by many bookmarkers. This company has been greatly used since the early ’00s and has a wonderful reputation.

Skrill allows punters to be secure, anonymous, and to move money conveniently across accounts having different bookmakers. This payment method makes it better and favors the Malaysian residents.

Neteller is another popular player in the online payment industry. Pay Safe is the owner and owns Skrill, so it comes with the same assurance on reputation and security. Considering other options named above, a good number of our popular bookmakers will accept money transfers in Neteller.

The number of choice bookmakers’ providers for banking has advanced a lot over the past few years. It is now faster and easier to decide, transact, and discrete payments and withdrawals. One of the latest additions to online betting sites’ banking pages is Bitcoin.

Bitcoin is a cryptocurrency that has been embraced by many; many online betting sites are now adopting and using it. Betting with Bitcoin makes clients feel more secure, anonymous and provides a better value than the real currency.

How to deposit funds at a Sportsbook in Malaysia

Since online betting is illegal in Malaysia, you’re going to find a few selections when depositing to an offshore sportsbook. People no longer use bank accounts and credit card deposits as these forms of payment regularly reject gambling transactions.

An E-wallet is a good option to use. With an e-wallet, you move funds from your credit account or your bank account to Skrill, and then you can use it to pay online vendors. Skrill and Neteller are the regularly used E-wallet among the online bookmarks. With this, you need to convert your MYR to EUR or GBP to make a transaction.

Paypal and Entropay are other embraced options. EntroPay transacts payments with USD, while PayPal has many options of currencies.

Selected sportsbooks allow you to make transactions using bitcoin or other forms of cryptocurrencies. Having purchased bitcoins, you can now transfer your required amount, and the bitcoin will automatically change to MYR or any other currency website.

How to Bet at Malaysian Online Betting Sites

Have you decided to get started? Creating an account and betting with real money is now easier and more convenient. Here’s how to do it:

Sign up: First, you are required to enter simple details like your name and email address for you to become a registered member.

Open a payment account: You must feed your financial details and verify your account if necessary.

Deposit and start betting: Lastly, fund your account via payment methods like Paysafecard vouchers. Having done that, you are ready to place your bet!

Kate Richardson recommends using the most trusted sites with quality odds if you want the highest odds available at Malaysia’s most secure online betting sites. You can view her profile here

Conclusion 

Online sports betting has greatly been embraced in Malaysia, with most gamblers focusing their bets on football. For some reason, many people have turned to online sports betting even though this is due to the lack of better options in the legal market, and it is due to strict sharia laws in the country.

Offshore sportsbooks offer punters options for placing bets on their favourite sports with some of the highest odds you can find anywhere. A good number of sportsbooks support Malay odds. Placing a wide variety of bets is possible, including head-to-head bets, straight bets, parlays, teasers, money line bets and many others.

 

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