On June 14, 2018, Vietnam’s National Assembly passed a bill, legalizing the principle of sports betting, with government oversight. As of now, it lacks clarity on a variety of issues, like categories of sports which are able to be included likewise as how it’ll be implemented by the govt. the govt is going to be releasing further details before it comes into effect next year. This law follows a March 2017 decree, which legalized counting on international football games, horse races, and greyhound races.
Last year, including a five-year pilot program for counting on horseracing, racing, and international football, the govt. issued Decree No. 06/2017/ND-CP (“Decree 06”). The decree is already in effect. For firms involved in betting activities, Decree 06 includes strict conditions.
Charter capital – For horseracing and football, the charter capital requirement is VND1 trillion ($44.2 million), while for racing it’s VND300 billion ($13.2 million);
Football betting – During the five-year pilot program, only 1 betting operator is going to be provided the investment registration certificate. The govt. only allows international soccer games recognized by FIFA, the international organization, which incorporates the planet Cup, the Confederations Cup, Copa America, Champions League, and Europa League.
Horseracing and racing – Firms involved within these races must be in the sort of a liability or a joint-stock company;
Amount and age restrictions – All players must be a minimum of 21 years old. The maximum bet allowed is VND1 million (US$ 44) per day, while the minimum is about at VND1,000 (4.42 cents);
Apart from racing and football betting, the govt. also issued Decree No. 03/2017/ND-CP last year, which allowed selected domestic casinos to simply accept bets from Vietnamese gamblers, under certain conditions for a three-year period. The decree is already in effect.
Casinos can only allow Vietnamese citizens to gamble if the casino’s total investment capital is a minimum of US$ 2 billion. The minimum age is the same as betting, 21 years. Gamblers must have a monthly income of a minimum of VND 10 million (US$ 445). Additionally, they must even have permission from their family, and may not have a list.
Unlike how easy to join an online casino such as W88 Casino, to enter a casino in Vietnam, one should buy an entrance ticket of VND 1 million (US$44) every 24 hours. They will also buy a monthly pass at VND 25 million (US$ 1,100).
Regulating the market
Until recently, citizens gambled and play sports through illegal bookmakers and international websites. Vietnamese spend a minimum of US$800 million gambling overseas and lottery spending between 2011 and 2015 reached US$ 13 billion, growing annually by 12 percent. All the lottery companies in Vietnam are what the State owns.
To ensure transparency, increase tax revenues, reduce the outflow of cash, and attract foreign investment, the govt finally decided to control the market, hoping to curb underground gambling and betting within the country.
Need to do more
the country has seen little interest from operators despite the government’s relaxation of gambling and betting regulations. The govt had already allowed depending on football, but citizens are unable to bet on the continuing FIFA World Cup, as there aren’t any licensed betting operators within the country. Charter capital requirements, bidding procedures, and restrictions on betting only on international matches are what the major hurdles for operators include.
FIFA-organized international soccer games are mostly held once a year, while football matches in leagues like England’s English Premier League, Spain’s La Liga, and Italy’s Serie A, are longer tournaments. Vietnamese citizens cannot back these league matches in line with government regulations and betting operators don’t want to bid for events that are held just once a year or every four years. The govt. has already taken the mandatory steps to legalize betting, but it must provide further clarity on the bidding process and increase the choices for betting operators.