Vietnam Seeks To Legalize Sports Gambling To Repress Illegal Betting
Vietnam is one of the countries in Asia that has strict regulations regarding gambling activities being done in the country. However, compared to their neighboring countries Singapore and Thailand, Vietnam is slightly progressive when it comes to sports betting and casino gambling.
Vietnam is set to legalize sports betting this year. Lawmakers from Vietnam have prepared a proposal to finally allow sports bettors to bet legally in the country.
Are sports betting not legal in Vietnam?
Currently, Vietnam has a solid law regarding casino and cá cược thể thao trực tuyến. The situation of sports gambling in Vietnam is slightly disappointing due to the prevalence of illegal bookmakers offering betting services outside of the gambling law.
One legislator named Pham Van Hoa from the National Assembly of Vietnam sent a proposal that will push the official legalization of sports betting in the country. The proposal was first shared in 2018 by the same lawmaker.
To gamble, Vietnamese players have to cross borders to Cambodia or Laos to play casino games and bet on sports. Meanwhile, its neighboring country Thailand shares its plight with its economy marred with illegal gambling that is protected by corrupt officials.
While Vietnam is still far from the race in the gambling revenue, the legalization of sports gambling holds great hope for Southeast Asian countries.
What are the laws in Vietnam when it comes to gambling?
Just like its neighboring countries, Vietnam is also ruled by gambling laws that regulate gambling activities in the Southeast Asian nation. The purpose of the gambling laws is to curb the ongoing illegal online sports betting activities in Vietnam.
Several gambling laws in Vietnam provide appropriate punishment for serious offenses regarding gambling activities. The most popular is Article 248 of the constitution in which the law punishes anyone who is found guilty of illegal gambling and is set to 3 to 7 years of imprisonment.
Meanwhile, Article 249 of the constitution states more punishments for offenses that involves non-players committing illegal gambling. The fine for serious offenders of these laws can range from 2 million to 30 million VND.
These gambling laws are heavily implemented by the authorities in Vietnam and serious offenders are subjected to the aforementioned punishments.
Is the social or economic will damage because of legalizing sports betting?
As of now, Vietnam is still under the clutches of illegal gambling providers. The economic and social implications of illegal gambling activities in Vietnam are not obvious. However, the impact of illegal gambling can be felt in individual sectors such as family units and tight-knit communities.
Meanwhile, Vietnam President Nguyễn Xuân Phúc has signed a statute that will legalize horserace betting in the racetracks of Hanoi. Hoa proposed that sports betting will be allowed in 2018. Among the betting activities that are also included in the proposal are greyhound racing, horserace gambling, and online sports betting.
From a wider perspective, the gambling industry in Asia is still a working progress. In comparison to the European and American gambling industries, these markets have surpassed the political and social limitations that Asian countries typically have.
In Asia, the prevalence of integrated resorts and casinos is already happening. The purpose of the existence of these infrastructures is to promote tourism and boost the gambling revenue of the country where the venue was built. Among the countries that successfully achieved this feat are Singapore and Macau.
The legalization of sports betting in Vietnam holds significance considering the state of the gambling economy in the country. This proposal will open a lot of doors in terms of the economic revenue of the country. Take advantage of the sports betting promotions in Solarbet and try to win surprising rewards!