The Vietnamese government made a historic decision to legalise sports betting. The formal decree legalising betting on international football matches, as well as horse- and dog-racing has been released at the end of last week. The new legislation, signed by Prime Minister Nguyen Xuan Phuc, will take effect from March 31.
Online betting is out of question for now, the decree legalises gaming through only land-based platforms. Some other conditions are established by the lawmakers. Only those above 21 years old are allowed to gamble, the minimum bet will be VND$1,000 (US$4.42 cents) and the daily maximum limit of VND$1 million (US$40).
Further, the sports betting places will have to be located at least 500 meters away from schools and public venues for children. The decree only allows betting on international soccer games that are recognised by FIFA and approved by the Ministry of Culture, Sports and Tourism.
Only one company will be allowed to do this business. The government decided that selected company must have an investment capital of at least 1 trillion dong ($44 million). The business will continue for five year trial period. After that, the decision will be taken, whether to continue this project.
This is not the first step taken by the Vietnamese government in order to innovate the gaming industry in the country. Last month, the government issued a decree allowing Vietnamese citizens to gamble in the casinos that were previously open to the foreigners only.