Vietnam`s National Assembly approved the revised Law on Physical Training and Sports, which now allows local to wager on a variety of sports events.
The revised law was legalized following the endorsement from 93.84% of National Assembly deputies in a voting on June 14, and is set to come into effect in 2019.
Following the law, gambling firms are now permitted to operate in Vietnam on the condition of having license from competent authority. Bookmakers are allowed to take bets on selected events approved by the government, of which only the local currency is used.
Sports betting was considered illegal in Vietnam, which led to many locals to turn to international gambling websites. The Illegal betting market in Vietnam is estimated to be worth US$1 - US$1.5 billion on an annual basis, according to local media.
The move now is seen as the government's effort to prevent money from flowing out of the country.
The government approved Decree No.06 last March that allows citizens to bet on specific sports, such as international football matches, horse and greyhound races. Additionally, locals must be over 21 years of age, having an account with a licensed bookmaking company, and a wager limit of VND1 million (US$44) per day.
Only a betting company will be selected to take bets on international football matches during a five-year pilot program, according to the Decree. The company must have charter capital of at least VND1 trillion (US$44.2 million).
Currently, Vietnam only allows locals to bet on football matches recognized by the International Federation of Association Football (FIFA), which include the World Cup, the Confederations Cup, Copa America, Champions League, Europa League, Asian Games, Southeast Asian Games, and matches without Vietnamese team participation.
Notably, the National Assembly's decision on sports betting coincided with the start of the World Cup 2018 being held in Russia. However, Vietnamese citizens are not allowed to bet on those matches, due to the unavailability of a licensed betting company at the moment.
Illustration photo.
|
Sports betting was considered illegal in Vietnam, which led to many locals to turn to international gambling websites. The Illegal betting market in Vietnam is estimated to be worth US$1 - US$1.5 billion on an annual basis, according to local media.
The move now is seen as the government's effort to prevent money from flowing out of the country.
The government approved Decree No.06 last March that allows citizens to bet on specific sports, such as international football matches, horse and greyhound races. Additionally, locals must be over 21 years of age, having an account with a licensed bookmaking company, and a wager limit of VND1 million (US$44) per day.
Only a betting company will be selected to take bets on international football matches during a five-year pilot program, according to the Decree. The company must have charter capital of at least VND1 trillion (US$44.2 million).
Currently, Vietnam only allows locals to bet on football matches recognized by the International Federation of Association Football (FIFA), which include the World Cup, the Confederations Cup, Copa America, Champions League, Europa League, Asian Games, Southeast Asian Games, and matches without Vietnamese team participation.
Notably, the National Assembly's decision on sports betting coincided with the start of the World Cup 2018 being held in Russia. However, Vietnamese citizens are not allowed to bet on those matches, due to the unavailability of a licensed betting company at the moment.
Other News
- Vietnam among Asia-Pacific's fastest growing economies: FedEx
- Vietnam’s stock market remains attractive investment channel: Expert
- Cuba appreciates Vietnam’s support in food and fisheries production
- Vietnam, China to step up cooperation strategy for mutual development
- PM orders urgent measures to address volatile gold prices
- Vietnam earns US$1.4 billion from rice exports in Q1
- Russia’s Zarubezhneft Group explores opportunity for offshore wind projects in Vietnam
- Vietnam poised to reap rewards of rebound in global demand: AMRO
- India, Vietnam seek strong development objectives: Ambassador
- Vietnam’s economy set for speedy recovery in latter half of 2024
Trending
-
Book series about General Giap released in five foreign languages
-
Vietnam news in brief - April 23
-
Hanoi tourism sector struggles with rising airfares
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area
-
It happened as it had to happen
-
Hanoi street where dead appliances come back to life