Vietnam To Consider Sports Betting After World Cup

Vietnam To Consider Sports Betting After World Cup

After making some historical casino decisions back in 2015, Vietnam is ready to open up for sports betting, as the World Cup in Russia slowly gains momentum. Residents will be allowed to bet on overseas’ football matches, as part of the government’s counter measure to stop international websites from drawing money out of the country! Only one betting operator will be granted a license under a five-year pilot program, and the country is favoring foreign companies.

Although the legislation was voted through during the World Cup 2018 in Russia, it won’t be in effect until 2019, as entering a legal sports betting division must first meet strict requirements. Furthermore, the National Assembly will only be able to issue new licenses in collaboration with the Ministry of Finance and the Vietnamese Dong will be accepted as betting currency.

The country is fighting to keep the money within its borders by liberalizing gambling and by stopping international websites in various attempts of practicing illegal businesses. According to financial reports, the Vietnamese spend approximately $800 million per year on gambling outside the border, primarily in Macau, Singapore and Hong Kong. Moreover, the illegal market is worth billions, and redirecting casino operators to special economic zones such as Van Don in Quang Ninh Province in the north of Vietnam or Bac Van Phong in Khanh Hoa Province is an absolute imperative.

In April 2018, locals have been authorized to bet on football matches that are approved by the Vietnamese sports authority, including World Cup and Asian Games. Nevertheless, betting on horse races, dog races and football is under a pilot program, and full scale wagering is expected from mid-July, which could draw foreign investors to build new resorts. Among the first venues to accept wagers are Phu Quoc gambling casino, as well as Laguna Lăng Co. The US-based casino operator, Hard Rock International, said the group was interested in building a resort at the Laguna Lang Co.

Source:

“Vietnam moves to allow sports betting as World Cup kicks off”, nikkei.com, June 15, 2018.