Vietnam’s government has expanded its legal sports betting market to a variety of wager-worthy sports
Local media reports that Vietnam’s government has expanded its legal sports betting market to a variety of wager-worthy sports such as the Premier League, and the UEFA Champions League.
The Ministry of Finance said on a draft bill that only international football events organized by the International Federation of Football Association (FIFA) are currently allowed, such as the FIFA World Cup and matches involving AFC Asian Cup. The annual events are set to lure more bettors according to the Ministry. However, these events often occur only every two or four years.
Moreover, the government said it wouldn’t announce the official list of sports until an unspecified later date.
The ministry also suggested that gamblers pay via digital wallets and prepaid cards aside from current bank transfers.
While Vietnam has legalised betting in the year 2017, it has yet to license any bookmaking business. The ministry requires bookmakers a minimum capital of VND1 trillion ($43.3 million), causing concern over recovering investments.
Vietnamese gamblers spend an estimate of $800 million a year betting on overseas, predominantly in Macau, Singapore and Hong Kong, and Vietnamese gamblers are earning a minimum of VND10 million or US$432 to gamble in a casino in Phu Quoc island.
Illegal betting and gambling is widespread within the country. Earlier this year, Vietnamese police busted a US$12.9 million online gambling ring for allegedly running a football gambling den. Read more about it here.