Soccer betting in Malaysia

June 13th, 2010 admin

You may finally be able to bet on World Cup matches in Malaysia, legally.

This will happen after all the fiasco on soccer betting in Malaysia is finalised and all politicians are consistent in any news announcement.

The long and short of it
Ascot Sports Sdn Bhd is a company 70% owned by Sri Vincent Tan. Tan had first obtained the football betting licence way back in 1987 but due to less than ideal conditions, he  “asked the government to take it back”. Tan, however,  retains the right of first refusal if the government decided to re-issue the licence in future. This means that the soccer/ football betting license will be awarded to him first, if he choose to accept it in future.

On 12th May 2010, Berjaya Corp issued a filing that Ascot Sports Sdn Bhd had been re-issued the prized football/ soccer betting license which was returned on 1987. Why did Berjaya Corp make the announcement on Ascot Sports Sdn Bhd? Because Berjaya Corp has an intention to buy over all 70% of Ascot Sports Sdn Bhd held by Vincent Tan, worth some RM$525 million.

Berjaya Corp’s CEO and Chairman is also Vincent Tan.

Berjaya Corp Logo

And then the fiasco started.

12th May 2010 – Berjaya Corp share prices started to rise, after filing is made that “the Minister of Finance (Malaysia) had given its approval for the re-issuance to Ascot of the licence to carry out sports betting operations upon certain terms and conditions”

6th Jun 2010 – Chief Minister Lim Guan Eng (Penang) said the state government would deny Ascot Sports Sdn Bhd, which has been given a sports gaming licence, to carry out such betting activities in the state. In addition, all three Pakatan Rakyat (PKR) states of Selangor, Penang and Kedah have banned sports betting – indicating that they will revoke the premises licence of betting outlets that collect sports bets.

7th Jun 2010 – Prime Minister Najib told Parliament that the government is still discussing the licensing terms and conditions for the sports betting license while getting feedback from various parties. It is consideringissuing the licence to help reduce illegal betting activities in the country. Prime Minister Najib is also the Finance Minister, whose ministry awards any football betting license.

This means that the license had not been issued – against the filing made by Berjaya Corp.

8th Jun 2010 – Berjaya Corp shares dropped 6.2 per cent, hitting a 3 month low.

11th Jun 2010 – Berjaya Corp clarified that Ascot Sports Sdn Bhd had received the approval from the Finance Minister to conduct sports betting operations. ???!!!!!

Similar to the fiasco on petrol ban to Singapore vehicles, the media hoo haha and confusion over remarks made by various parties shows a poorly coordinated sequence of media release. It seems like a license had indeed been awarded but due to the backlash of reaction from the public (Muslims are prohibited from gambling, and 60% of the population in Malaysia are Muslims), the government had retracted and highlighted that they had not awarded the license and would take the prudent approach to first “source for feedback from various quarters for the proposal to license bookmaking in Malaysia, with the aim of reducing and subsequently eradicating illegal gambling”.

This led to a direct query in Malaysia Parliament:

Opposition Parti Keadilan Rakyat MP Tian Chua asked if it was the government or Mr Tan who has been misleading the public. “This reply is very shocking because for the past one week, Vincent speaks as if he has the licence. So who is misleading the public?” he told reporters during a press conference in Parliament.  

In a move to alleviate some tensions, Mr Vincent Tan said on Saturday that some RM525 million which he is earning from the sale of Ascot Sports to his own conglomerate Berjaya Corp Berhad would be donated to his own foundation that provides scholarships and interest-free loans to poor students.

Now, who is betting against that?

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Entry Filed under: Leisure and Entertainment,Sports