Whether you admit it or not, betting is a form of gambling, and you would indeed lose some cash when you try to engage in it. But why do many people still find themselves enjoying betting despite knowing that they might lose money? It is because, for some people, this is a way to relieve themselves from the stress and demands of their work. Also, others find joy in the hopes of doubling or tripling the amount of money you have betted on. Regardless, no one can ever deny how big the betting industry is.
Malaysia is one of the most popular gambling destinations despite gambling being illegal. This contributes to why Malaysia is considered a gambling haven for bettors. Because gambling is illegal in the country, bettors do not have to worry about their winnings getting taxed. Gamblers can quickly get around by playing in live casinos or simply resorting to parimutuel Malaysia horse racing live. They can also bet through foreign sportsbooks as the government only focuses on makeshift betting houses and sportsbook Malaysia. Their government only taxes licensed casinos and operators 25% of all revenue earned, allowing bettors to go home all of their winnings tax-free.
However, you have to take note that Malaysia is currently considering creating a law to legalize online gambling in the country. When this happens, online gambling will have to issue licenses for online casinos, which means taxes should be paid. But the legalization of online gambling is only meant to help gamblers from getting scammed by unsafe and insecure betting sites.
There are many pros and cons to betting in Malaysia, which is just one of them. If you want to know more about it, you might want to check this infographic created by CM2BET.