Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.
The Malaysian government is losing up to MYR3 billion a year in revenue as illegal gambling syndicates take an ever growing amount of business away from legal number forecast operators.
Berjaya Sports Toto, a Malaysian lottery company and car sales dealer, said its Q3 revenue edged up 2.7 percent as higher sales at the auto unit offset lower revenue from its Malaysian and Philippine lottery operations. Overall group revenue came in at RM 1.40 billion ($357.6 million). Revenue at its Sports Toto unit fell 3.3 […]
Berjaya Sports Toto said Q2 revenue fell almost 5 percent, dragged down by a weak performance at its H.R. Owen car sales unit and International Lottery & Totalizator Systems business. The company posted revenue of RM1.38 billion ($338.5 million) in the quarter, it said in a filing to Bursa Malaysia. The decline at the lottery […]
Malaysian conglomerate Berjaya Corp Bhd (BCorp) has reported widened losses to RM368.9 million (US$92.5 million) for the fourth quarter ending April 30, 2016, widened from a loss of RM275 million in the same quarter in 2014. The results bring down BCorp’s losses for the full year ended April 30, 2016 to RM174.7 million. In a […]
Malaysia’s gaming industry is expected to report weaker earnings this year as the country’s first ever Goods and Services Tax comes into effect from April 1st, crimping revenue at a time of weakening consumer sentiment.The tax has been under consideration by the government for close to a decade and was finally confirmed last October by Prime Minister cum Finance Minister Najib Abdul Razak. The rate was set at six percent.Berjaya Sports Toto and Magnum -- two numbers forecast operators (NFOs) listed on the Malaysian stock exchange -- are facing the prospect of lower revenue as well as lower margins this year, analysts said. "The GST will have the dual effect of both forcing gamblers to reduce their bet sizes as well as serving as an additional tax to the operators, cutting earnings by an estimated 10 percent altogether," said Maybank Investment Bank in a report. Magnum earlier this month gave its own warning that the tax was likely to have a moderating effect on sales. “With the implementation of the Goods and Services Tax on April 1, 2015 and the higher costs of living from the government's ongoing subsidies rationalisation programme, consumer spending is expected to continue to be weak,” it said. “The GST expense based on net gaming supplies – that will be absorbed by the company – will have an impact on our profitability for the coming financial year,” it said.NFOs pay an 8-percent gaming tax on total ticket sales and an 8-percent pool betting duty on net revenue.