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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