In the wake of widespread opposition to sports betting, tycoon Vincent Tan - whose Ascot Sports is the sole beneficiary of the gambling licence - pledged to donate over half a billion ringgit to charity.

vincent tan sports betting Multi-billionaire Tan ( right ), one of the richest individuals in the country, said that he would donate RM525 million to his own personal foundation, the Better Malaysia Foundation.

The amount is the money which he will receive from the sale of his own 70 percent stake in Ascots Sports last month to Berjaya Corp, a conglomerate he controls.

"So you should know that I'm not getting one sen from this deal," said the tycoon.

He is donating the entire proceeds to his foundation, which provides scholarships and medical assistance, to counter allegations that he has been unjustly enriched by the sale of Ascots Sports.

Asked how the RM525 million sales figure was arrived at for Ascot Sports, he aid it was based on an achieveable profit guarantee of RM125 million per year, which amounted to RM375 million for three years plus a net price earnings ratio of six times.

On the transparency of the Better Malaysia Foundation, Tan said that he will be appointing independent directors as well as having its books checked by audit firms.

No money for political parties

Tan also rubbished claims that he was funding political parties in return for the government’s approval of the sports betting licence.

"There is no money to be given to government officials and political parties, as claimed by this 'fugitive' who is hiding from the law overseas.

"These are all wild, baseless allegations and accusations," he said at a press conference at the Berjaya hotel in Kuala Lumpur this afternoon.

When asked if he would be pressing for a defamation suit against his detractors, the tycoon said that it would be a waste of time.

"Why would I want to take legal action against this fugitive who is nothing but a bankrupt? When I was younger, I always like to sue. But now that I'm older, I'll just let it go.

Although Tan did not mention any names, it was clear he was referring to blogger Raja Petra Kamaruddin, who has been in "hiding" in London.

Raja Petra had recently alleged that the revenue made from the legalisation of sport betting is to be channeled to the BN's coffers.

vincent tan sports betting "What he has been saying is absolute rubbish. He should be put into jail with the keys thrown away," he said sarcastically, at a rare meet-the-press session.

Also present at the press conference was his son, Robin Tan ( left in photo ), the chief executive officer of Berjaya Corp.

To appeal to Pakatan states

Tan said that he would appeal to Pakatan Rakyat states, in particular Penang and Selangor , to lift the ban on sports betting.

"I hope they will be sensible and fair-minded," he said.

Tan insisted that the legalisation of sports betting will help curb illegal bookies, who offer cut-throat credits.

"Legal bookmaking asks for cash up-front. It is only when you ask for credit, then they get into trouble," he said.

He added that illegal bookies work hand-in-hand with loan sharks.

Tan estimated that illegal sports betting in Malaysia amounted to a

staggering RM20 to RM30 billion annually.

By legalising it, he said the government would be able to receive an

estimated annual revenue of between RM1 billion and RM3 billion.

NONE The Pakatan opposition coalition, along with key NGOs, have planned to organise a mammoth rally in Kuala Lumpur on July 3 to deliver a memorandum to the king at Istana Negara urging his intervention to halt the sport-betting licence.

When asked about further legal avenues for Berjaya Corp, which intends to offer sports betting products in 220 of their Sports Toto outlets, he declined comment.

"I will just talk to (the Pakatan Rakyat state governments). I will appeal over and over again," he said, adding that they will be studying the matter for further recourse.

When pressed for details, he said, "we will cross the bridge when we get to it."

According to Tan, the legalised sports betting will be ready for launch this September.

The Pakatan state governments have come up with several ways to ban sports betting, including ordering its local councils to stop issuing premise licences to the Sports Toto outlets which will be offering sports betting products.

But when asked about the worst case scenario if the state governments refuse to compromise, Tan said that they will have to look at other alternatives.
 
"We will just have to do better marketing with our telephone betting services," he said, adding that the over-the-phone service should contribute three quarters of total sales expected.

He also revealed that out of the 680 Sports Toto outlets around the country, roughly 150 of them are in the three Pakatan states of Penang, Selangor and Kedah.
 
"It's no fun to watch sports and not bet," said Tan.