All casinos in Malaysia are subject to the General Casino Act of 1953. The Ministry of Finance is responsible for overseeing the operation of the country’s casino and is responsible for issuing Casino licenses. However, it was announced in 2003 that the Malaysian government would stop issuing gambling licenses because the majority of the population is Muslim and Islamic laws must be strictly enforced.
Malaysia has a casino and three turf clubs. There are many off-site betting facilities. The gambling industry consists of five operators: Genting Highlands Casino, Magnum 4D, Sports ToTo, Da Ma Cai and Malaysian Motorsports Association. The gem of Malaysia’s gambling industry is Genting Casino. It is the largest casino in the world and receives millions of visitors every year. Since the Malaysian government will no longer issue gambling licenses, there is a monopoly. This monopoly has brought huge gambling revenue to Genting Group.
However, in recent years, the casino operator in Malaysia is facing the sharp decline in market share due to the competition of online casino. The decline in revenue caused the government to lose a large part of its tax revenue. The only way they can fight the growing illegal casino market is to legalize gambling and issue licenses to more operators, especially online casino in Malaysia.