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Exceptional point (EP) associated with the parity-time (PT) symmetry breaking is receiving considerable recent attention by the broad physics community. By introducing balanced gain and loss, it has been realized in photonic, acoustic, and electronic structures. However, the observation of magnonic EP remains elusive. The major challenge is to experimentally generate the negative Gilbert damping, which was thought to be highly unlikely but is demanded by the PT symmetry. In this work, we study the magneto-optical interaction of circularly-polarized lasers with a submicron magnet placed in an optical cavity. We show that the off-resonant coupling between the driving laser and cavity photon in the far-blue detuning can induce the magnetic gain (or negative damping) exactly of the Gilbert type. A hyperbolic-tangent function ansatz is found to well describe the time-resolved spin switching as the intrinsic magnetization dissipation is overcome. When the optically pumped magnet interacts with a purely lossy one, we observe a phase transition from the imbalanced to passive PT symmetries by varying the detuning coeffcient. Our findings provide a feasible way to manipulate the sign of the magnetic damping parameter and to realize the EP in cavity optomagnonics.