In a sign that Vietnam may be moving toward loosening its stern view of gambling by its citizens, lawmakers are now discussing legalizing sports betting under rules that would restrict the size and frequency of bets.
English-language news reports say the Ministry of Finance has submitted a draft proposal to the National Assembly to add sports to the country’s legal horse and greyhound racing options. The plan would limit racetrack visits to three days a week at each of the country’s two race courses. The frequency of sports bets would depend on match timetables. Bet maximums would be capped at 1 million dong (US$50) per day.
How the limits would be enforced is not clear, however, and the Vietnam Football Federation is skeptical, saying it will do little to deter Vietnamese from continuing to patronize the country’s massive black market in Internet-based betting. Unclear also is whether private companies, including foreign investors, would be allowed into the market, or if the business will be government-owned and -run.
The government, meanwhile, continues to lose billions in revenue from its citizens traveling to neighboring Cambodia and other countries to gamble in casinos. Vietnam’s seven casinos are off-limits to nationals, a state of affairs the draft proposal would affirm with the addition of fines up to the equivalent of US$10,000 for violations.
The turnaround on betting follows Finance Minister’s Vuong Dinh Hue’s visit to Singapore earlier this year. He met with executives from the Tote Board and Singapore Pools, visited a racetrack and reportedly came away impressed as well with the city-state’s success in regulating its two massive casinos, Marina Bay Sands and Resorts World Sentosa.
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