Online Casino Transfer: News - Ascot Sports (Temporarily) Denied

07/15/2010		Online Casino Style: News Ascot Sports (Temporarily) Denied
Home History Games News Dictionary		The world of online gambling in Malaysia is in quite the turmoil this week with updates becoming regularly and speedily available. Last week, the Prime Minister of the Asian country, Najib Razak, refuted announcements that sports betting would be permitted in a very limited way with the security of an operational license by one Ascot Sports, a local gambling company. He said this week that under no terms will any form of internet gambling be permitted in his country, causing a flourish of reactions among the internet casino markets. The strongest reaction was from one company very close to the action. The Berjaya firm announced almost immediately that Prime Minister Razak’s announcement would do little to nothing to stop them. Berjaya will continue with its negotiations to acquire 70 percent of Ascot Sports, the brand at the center of the debate, as they would have stood to gain the most from the slight alteration in Malaysia’s gambling laws. As trends all over the globe continue to move towards liberalization and legalization, some internet gambling analysts are wondering if PM Razak has the power to promise that no progress will be made. Prior to Razak’s announcement, Berjaya had come to an agreement to buy the majority share of the company from owner Vincent Tan for the hefty price tag of 525 million ringgit, equal to about $161.6 million US dollars. The only stipulation on the agreement was the assumption that the government’s approval of sports betting operations license would come through, a promise made that now seems to be under threat. Tan is a powerful name in Malaysia, also reported to have control of Berjaya Corporation as well as Berjaya Sports Toto, one of only three sports forecasting companies in the nation. "Berjaya Corp deeply regrets and is extremely disappointed that its intended purchase...has been frustrated due to the government's decision not to re-issue the sports betting licence to Ascot Sports," the firm commented this week.

07/15/2010

Online Casino Style: News
Ascot Sports (Temporarily) Denied

The world of online gambling in Malaysia is in quite the turmoil this week with updates becoming regularly and speedily available. Last week, the Prime Minister of the Asian country, Najib Razak, refuted announcements that sports betting would be permitted in a very limited way with the security of an operational license by one Ascot Sports, a local gambling company. He said this week that under no terms will any form of internet gambling be permitted in his country, causing a flourish of reactions among the internet casino markets.

The strongest reaction was from one company very close to the action. The Berjaya firm announced almost immediately that Prime Minister Razak’s announcement would do little to nothing to stop them. Berjaya will continue with its negotiations to acquire 70 percent of Ascot Sports, the brand at the center of the debate, as they would have stood to gain the most from the slight alteration in Malaysia’s gambling laws. As trends all over the globe continue to move towards liberalization and legalization, some internet gambling analysts are wondering if PM Razak has the power to promise that no progress will be made.

Prior to Razak’s announcement, Berjaya had come to an agreement to buy the majority share of the company from owner Vincent Tan for the hefty price tag of 525 million ringgit, equal to about $161.6 million US dollars. The only stipulation on the agreement was the assumption that the government’s approval of sports betting operations license would come through, a promise made that now seems to be under threat. Tan is a powerful name in Malaysia, also reported to have control of Berjaya Corporation as well as Berjaya Sports Toto, one of only three sports forecasting companies in the nation.

"Berjaya Corp deeply regrets and is extremely disappointed that its intended purchase...has been frustrated due to the government's decision not to re-issue the sports betting licence to Ascot Sports," the firm commented this week.