Vietnam Moves To Make Sports Betting Legal

Published Friday, June 22, 2018 - Online-Casinos.com
Vietnam Moves To Make Sports Betting Legal

Stemming the tide of  illegal online gambling sites has been a huge task for some  jurisdictions. Many jurisdictions did not realize how mobile gambling would affect gambling activity on the FIFA World Cup challenge.

Vietnam has been overwhelmed with illegal online gambling of late with Vietnam’s National Assembly passing a bill that legalizes the principle of sports betting the situation is about to change.

Although critics are now saying that this is too little too late at least it is a step in the right direction for Vietnam. Licensing of sports betting makes total sense both economically and politically. The government will gain revenue from the taxation and licensing that it can use to create a better system for gamblers who are at risk. The government says that it wants to “ensure transparency, objectivity and honesty” in the new industry, as well as “ensuring the rights and obligations of involved parties”.

Authorities have yet to determine which sports will be covered, it has been suggested however that horse racing, dog racing, and international football will be on the list. A 2017 pilot program allowed certain Vietnamese gamblers to bet with one licensed operator and all sports which were included.

There are going to be significant security aspects attached to the new rules including both money laundering and “affordability” tests on gamblers. The Vietnamese government allowed local casinos to accept bets from Vietnamese locals for a three-year trial period.as long as they were over 21 and have a monthly income of at least VND10m ($442, £335).

The Vietnamese government will undoubtedly feel pressure to enlarge its legalization of gambling in general in the jurisdiction knowing that gambling is a pastime that the people enjoy in many forms. The next FIFA competition is only four years away and as the use of mobile explodes revenues from legal sports betting may be more than expected.


 

Related news

Return to Latest News