Government paves the way for the development of sport betting businesses

Last update 14:00 | 10/02/2017
VietNamNet Bridge – A government Decree 06 dated February 3 on legalizing horse, dog and football betting, to take effect on March 1, is expected to pave the way for the development of sport betting businesses.

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Under the decree, the government will allow only one company to provide the international football betting service for a limited period of five years. After the trial period of five years, the government will review the performance of the business before deciding whether to continue licensing it.

The company must have minimum charter capital of VND1 trillion.

Nguoi Lao Dong commented that foreign investors target football betting, which is believed to be a very profitable, though the decree only allows betting for international football matches.

Sources said that for many years, the world’s leading bankers such as Ladbrokes, William Hill and Singapore Pool have been quietly learning about the Vietnamese market and lobbying for the ‘only ticket’.

After the trial period of five years, the government will review the performance of the business before deciding whether to continue licensing it. 

Foreign investors have come to Vietnam and prepared for the investment in dog and horse race courses. However, it is still a mystery why some courses are situated in localities where the income per capita is low and people don’t have knowledge about dog and horse races.

An analyst has raised questions about who will come forward and set common rules for horse and dog races. The Vietnam Federation of Sports Motorcycles & Bicycles is still busy thinking about how to organize a competition for high-cylinder capacity motorbikes.

Lawyer Truong Thanh Duc said on Tien Phong that it would not be a too difficult to manage sports betting business, saying that there would be thousands of bettors, but each can bet no more than VND1 million.

However, in order to minimize the adverse impact on society, Duc said it is necessary to publicize the list of regular and big casino players and sports bettors.

Lawyers Bui Dinh Ung from the Hanoi Bar Association said he advocates the government’s decision to allow sports betting, because it occurs despite the ban. However, it is necessary to control the business to minimize possible negative impact on society.

A question has been raised whether bettors will be prosecuted for gambling if they bet more than VND1 million each time. Under current laws, a person can be criminally prosecuted for gambling.

However, Ung doesn’t think it is a good idea that only one business would get a license to provide the service.

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Phuoc Ha

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This entry was posted in Economics - Kinh tế and tagged , by Trần Đình Hoành. Bookmark the permalink.

About Trần Đình Hoành

I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn. I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law. I have published many articles on national newspapers and radio stations in Việt Nam. In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship. Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam. I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN. I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net). I study the art of leadership with many friends who are religious, business and government leaders from many countries. In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống). In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success". I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.

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