Illegal Online Gambling in Malaysia

in Business Risk

Security officials estimate that illegal online gambling syndicates earn up to $2.4 Billion (7.9 Billion Malaysian Ringgit) a year from illegal gambling activities in Malaysia.

Intelligence by enforcement agencies shows that online bookies are able to make a daily profit of $3,112 (10,000 Ringgit) from illegal gamblers in the Malaysia. A start-up gambling website with $15,500 (50,000 Ringgit) in capital is able to collected between $2,178 to $3,112 (7,000 to 10,000 Ringgit) per day with a few customers.

The online syndicates use covers such as cyber cafes and restaurants to hid their gambling activities and to wash their funds.

(Additional money laundering  cases.)

Source:¬† Rahimy Rahim and Allison Lai, “Gambling rings making almost RM8bil a year even with raids,” Asia One, May 26, 2014.

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