I read The Star today, and good news about sport betting license given to Ascort. Well.. they do the right thing, the license has been cancelled. Before this, Vincent Tan has submitted his company’s notice to Bursa Malaysia as said here said they got approval from the government, so now there should be a new notice submitted to Bursa Malaysia 🙂
KUALA LUMPUR: No sports betting licence will be issued as feedback from the public indicate a majority of people oppose such a move, said the Prime Minister.
“It (the decision) is about political impact and from the (Islam) religion point of view.
“Our intention earlier was to control illegal betting which is said to worth close to RM10bil; as well as to curb the rampant crime activities resulting from this illegal trade,” said Datuk Seri Najib Tun Razak.
He added the issue was raised at the Umno supreme council meeting yesterday and the council members supported the decision unanimously.
Najib said Ascot Sports Sdn Bhd had been informed of the decision.
“They accepted it,” he said at a press conference at about 11.30pm after chairing the meeting.
As the approval given to Ascot earlier was “in principle” only, Najib said the issue of compensating the company did not arise as the Finance Ministry had the absolute right to withdraw the approval given.
Najib added the Government was not too concerned about the economic impact resulting from decision to say no to sports betting.
It is understood that the matter has been conveyed to Tan Sri Vincent Tan, the chairman and chief executive officer of Berjaya Corp. He is expected to issue a statement on Monday. The Finance Ministry had on June 7 told Parliament that Government had yet to issue a sports betting licence to Ascot.
However, Berjaya Corp in a filing to Bursa Malaysia in May, informed about its acquisition of Ascot. The company also told Bursa that Ascot was re-issued the licence by Finance Ministry to carry out sports betting operations with certain terms and conditions.