The strict Vietnam sports betting law increased illegal football betting activities in recent weeks. As a result, illicit sports betting platform operators enjoyed a rise in handle during the Copa America and EURO 2020 finals.
The State Bank of Vietnam told payment companies and banks to stop gambling transactions. In addition, it ordered the financial institutions to discourage their customers from using bank cards, e-wallets, and payment accounts for transactions related to sports betting.
Online sports betting has become more accessible in the country. As a result, many people learn how to be a bookie and accept wagers via the internet. As a result, players can check the odds online and wager on football games.
Strict Vietnam Sports Betting
Strict sports betting regulations discouraged investment in the sportsbook industry. Thus, illegal sportsbooks operate in the country. According to bookie pay per head reviews, illegal sportsbooks received $10 billion in wagers each year.
Sports wagering was sanctioned in Vietnam in 2017 under a five-year test case program. However, it was not the same as the three-year pilot permitting local people to bet in chosen casinos. Decree 06 has ended up being excessively prohibitive by restricting wagering to football, horse racing, and greyhound racing.
It additionally requires a minimum capital of $43.5 million. Also, football wagering is limited to competitions endorsed by FIFA. Famous tournaments, such as the English Premier League and La Liga of Spain, are off-limits. As a result, the sports betting industry failed to attract investors.
The shortfall of any advancement in the area comes a year after the Ministry of Finance promoted plans for another announcement that would permit wagering on more worldwide football tournaments. However, there’s no date for the amendment.
The Ministry of Finance wanted to extend the pilot program to allow locals to gamble in casinos until 2024. However, only one casino got the license to enable locals inside casino floors.
