Vietnam is situated in the southeastern region of the Indochina Peninsula, South East Asia sharing border with China in the north and Laos and Cambodia in the west. Especially in the recent years, sports betting has expanded in Vietnam because. It is important to know the betting environment in Vietnam in order to comprehend the situation. This guide aims to find out more about the betting industry of Vietnam, the history of the country’s regulation, famous betting sites in Vietnam, and sports betting platform.
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Table of Contents
Summary of Key Events
Evolution of Gambling Laws in Vietnam
The regulations concerning gambling in Vietnam have changed over the years vastly. Here are some important events.
- 2013: The Decree No. 86/2013/ND – CP was issued to govern and control the operation of the electronic poker machine business.
- 2017: Decree No. 03/2017/ND-CP on Casino Businesses made it possible for native people to be allowed to gamble in particular casinos as a pilot scheme.
- 2017: New Decree No. 06/2017/ND-CP legalised gambling in some areas and sports such as horse and dog racing, and international football.
Gambling Regulatory Agencies
The following are the key bodies that control the gambling business in Vietnam.
- Ministry of Finance (MoF): Supervises the financial side and regulates the gambling activities by providing licenses.
- Ministry of Culture, Sports, and Tourism (MCST): It controls and oversees the sports betting and also checks for compliance with nation’s sports policies.
- Vietnam Lottery Company (Vietlott): Has recently started operations of lotteries and has recently expanded its business to sports betting.
Prohibited and Permitted Bets
Vietnamese law precisely outlines what is legal to bet on and what is not.
- Permitted Bets:
- International soccer
- Horse racing
- Greyhound racing
- Prohibited Bets:
- Bets on sports events that occur in the particular region
- Bets via internet-based applications
Licenses and Fees of Betting Sites in Vietnam
It should be noted that getting a gambling license in Vietnam is a rather complicated process with certain requirements that need to be met.
Horse Racing and International Soccer:
- The minimum registered capital of the projects is VND 1 trillion ($42 million).
- It is renewable and the validity is up to 10 years.
Greyhound Racing:
- The minimum registered capital of the company is VND 300 billion ($12. 7 million).
- This license is valid for a period of maximum five years.
Casino Businesses:
- Local people have to pay an entry tax of one million Vietnam dong.
- Documents for the monthly income certificate that is above ten million dong ($449).
Best Betting Sites in Vietnam
Some of the betting sites have been identified to have high traffic among the Vietnamese punters.
Dafabet
Dafabet: Best known for the many kinds of sports betting options as well as live dealer games. It offers good odds, rich sports selection, and, of course, professional customer support.
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Melbet
Melbet: It presents a large number of sports and casino games and has a simple design. It offers the option of live betting, virtual sports, and a welcome bonus for new players.
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188Bet
188Bet: Offers mobile betting and a number of markets in which to bet. It also has features such as in-play betting, a good variety of bonuses, and a very useful mobile application.
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Milestone Sports events in Vietnam are as follows
Vietnam has played and welcomed a number of important sports events.
- 2008 AFF Championship: It is useful to note that Vietnam clinched the championship thus enhancing the morale of the people back home.
- 2016 Rio Olympics: Hoang Xuan Vinh got Vietnam’s first gold in shooting.
- 2018 Asian Games: The Vietnamese athletes performed very well in numerous sports such as taekwondo and weightlifting.
Celebrated Sports Stars
Vietnam has also raised many famous athletes.
- Nguyen Thi Anh Vien: A sportsperson particularly a swimmer who has won many medals in the SEA Games.
- Hoang Xuan Vinh: Shooting athlete and an Olympic gold medalist.
- Nguyen Quang Hai: A footballer who has made his mark especially in the international competitions.
Neighboring Countries’ Gambling Laws
Vietnam borders China, Laos, and Cambodia and all three countries have different gambling laws.
- China: It is unlawful to gamble, however, one is allowed to engage in lotteries.
- Laos: Permits gambling in special economic zones mainly for the business of tourism.
- Cambodia: Accommodates several casinos, which are mainly targeted to the tourists.
Conclusion
The Vietnamese betting industry is still developing day by day, which creates new possibilities and risks. To understand the legal procedures and the regulatory authorities and events you can take part in this constantly developing market. It thus becomes important to know what is going on in the Vietnamese sports betting market whether you are a bettor or a businessperson.
FAQ about Betting Sites in Vietnam
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