Sports Betting In Vietnam

Future Of Sports Betting In Vietnam
Written by, Jacob Cook Thu 22 Oct
Future Of Sports Betting In Vietnam
Future Of Sports Betting In Vietnam

Sports Betting In Vietnam

We have seen how Vietnamese are provided with amazing sports betting opportunities within the past few years. For example, the people could keep betting for World Cup football matches from the beginning of 2019. A betting operator implemented a five-year pilot project to provide this opportunity. Due to all these efforts, we can see how sports betting activities are quite popular among people in the country. Based on that, we will also be able to predict some of the changes that can take place shortly to the sports betting industry that exists in Vietnam.

Foreign Investments To Come

The government of Vietnam is following an open policy related to sports betting. The authority is looking forward to providing a license to a foreign company to get into the sports betting market. If the foreign company that gets this opportunity receives maximum outcome, we will see how invitations are offered to many other foreign investments. Even if the government of Vietnam is inviting foreign investors to come, they will still have to adhere to some strict laws and rules. Based on these severe policies and regulations, we can see how the government of Vietnam will keep the sports betting industry unspoiled at all times.

Government To Reduce Illegal Gambling Activities With International Websites

The government of Vietnam has also noticed that most of the people are engaging in illegal gambling activities. This makes money to flow out of the country at a rapid pace. Based on this reason, the official authorities will take appropriate measures to implement strict controls. They will apply laws over the usage of international websites to engage with illegal gambling activities. Recent studies posit that people who live in Vietnam tend to spend around $800 million for gambling. A considerable percentage of this money belongs to sports betting as well. They have also noticed that most of the money flows out to Hong Kong, Macau, and Singapore.

The authorities know that it is quite impossible to stop the people in the country from accessing illegal gambling platforms. As a result, they will introduce alternative gambling platforms, where people can spend their time with sports betting activities. Along with that, it will also be possible to retain money taken out of the country.

Sports Betting To Be More Favorable

In 2018, the Vietnamese government went ahead and passed a law related to sports betting. Besides, provisions were implemented to the existing laws on physical training and sports betting. These laws are favorable for the sports betting industry that exists within the country. That’s because more Vietnamese citizens will have the opportunity to bet with additional betting platforms. They will also be provided with the opportunity to use their local currency to engage with these gambling activities in the future.

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