VietNamNet Bridge – Soon after the government of Vietnam approved sports betting, investors began plans to pour millions of dollars into projects. 

The government’s Decree 06 allowing Vietnamese nationals to bet on horse and dog races as well as international football has been compared to ‘an arrow aimed at many different goals’. It promotes the dynamism of the economy, creates entertainment models, and eases ‘foreign currency bleeding’ across border gates.There are no official statistics about the amount of foreign currency flowing into international betting companies from Vietnam, but analysts say it is a huge amount.

Soon after the government of Vietnam approved sports betting, investors began plans to pour millions of dollars into projects.

The Hanoi Police last year discovered two illegal football betting rings worth VND7.6 trillion. That is why analysts believe the Vietnamese betting market may be worth billions of dollars a year.

Oliver Massmann, a lawyer from Duane Morris, said many Vietnamese go abroad to gamble. With the decree, Vietnam will no longer lose millions of dollars to betting companies in neighboring countries. Tiếp tục đọc “VN sports betting market attracts billions of US dollars” →

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.

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. Tiếp tục đọc “Government paves the way for the development of sport betting businesses” →