Law on amendments to Physical Training and Sports No. 26/2018/QH14 is in valid as of February 1st, 2019. The highlight that must be noted is sports betting as provided in Article 67a. This activity is officially governed by laws. Sports betting is a form of entertainment with rewards in which bettors predict the results of sporting events used for betting purpose.
The sports betting has
a long history, but it had not been recognized by the State for a long time.
Therefore, the betting was considered a violation of laws and was liable to
administrative and criminal remedies. Before sports betting is restricted and
just allowed to bet on horse racing, greyhound racing and pilot international
soccer as specified in the Decree 06/2017/ND-CP effective from March 31st,
2017 on business of betting on horse racing, greyhound racing and international
soccer. After the amendment law takes effect, the sports are allowed to bet
will be extended according to the List of sports activities allowed to trade in
betting issued by the Government.
What Conditions
Required for Sports Betting?
Relating to condition of sports betting business in Vietnam, the
enterprises need to be granted a certificate of eligibility for betting
business. This is one of the conditional business lines under the strict
management.
Regarding horse racing and greyhound racing, the enterprises need
to obtain the Certificate of investment registration for the project for
construction of horse and/or greyhound racecourses and the Certificate of
eligibility for betting business. For horseracing, the charter capital
requirement is VND 1 trillion ($44.2 million), while for greyhound racing it is
VND 300 billion ($13.2 million). Locations of horse and/or greyhound
racecourses are conformable to the socio-economic development planning of the
area where such racecourses are located. Therefore, if the project attracts
more than one investor, the investor for the project for the construction of
horse racecourses and/or greyhound racecourses which covers the business of
betting on horse racing and/or greyhound racing shall be selected through
bidding process according to law.
Regarding international soccer, the procedures is similar to horse
racing and greyhound racing. However, The Government allows one enterprise to
pilot the business of betting on international soccer. The duration of pilot
international soccer betting business shall be 05 years since the date on which
the Certificate of eligibility for international soccer betting business is
issued. After such period, the Government shall consider whether or not to
continue the pilot international soccer betting business upon the assessment of
the collected results. The list of international football matches and
tournaments which are selected to provide the basis for the business of betting
on international football is stipulated in the Decision No. 1064/QĐ-BVHTTDL
issued by the Ministry of Culture, Sports and Tourism.
Which Authorities Will
Approve the Sports Betting Activities?
The Ministry of Finance will publicize the conditions, dossiers,
procedures for organizing bidding to select enterprises to pilot international
football betting business according to the provisions of law. To be able to
participate in bidding, the enterprises need to meet the following conditions:
(1) The minimum charter capital shall be VND 1 trillion ($44.2
million)or an equivalent amount;
(2) Having a plan on investment in the technological system,
technical equipment and business software to ensure their accurate, safe and
stable operation;
(3) There shall be a feasible plan on the business of betting on
international soccer and ticket selling methods and locations;
(4) Committing to community assistance.
There
are 135 countries in the world officially legalizing sports betting activities.
Betting is increasingly on the rise, along with the development of information
technology and entertainment. In Vietnam, sports betting is put under the strict
management.
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