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Everything you need to know about betting in Vietnam

Illegal operations helped gamblers avoid Vietnam’s gambling restrictions, which sought to keep citizens from participating in betting until recent years. However, as Vietnam’s illegal betting market continued to grow in revenue, some estimates placed income from unsanctioned operations in the billions. These astonishing statistics indicate how vested Vietnam’s citizens are in participating in wagering opportunities.

As a result, legislators changed the law, opening land-based gambling and online betting to citizens. With online sportsbetting’s growing popularity and more than thirty land-based casinos in the country, the government paved the way for the Vietnamese to legally participate in gambling. Read on for more information about gambling in Vietnam including background, laws, and popular games.

Vietnam players’ favorite sports to bet on

Lack of legal sports betting options has opened the door for citizens to frequent unsanctioned, unlicensed, and international online sports betting websites. Since internet sports betting has universal popularity throughout the world, a number of options exist for bettors who seek to gamble on sports action not offered in Vietnam.

On the internet, sportsbooks reach Vietnamese citizens on mobile phones and computers. Technology offers a number of ways to evade government restrictions and access digital casinos throughout the world.

Horse racing, football, and greyhound race betting are legal options for participating in Vietnam’s sports betting landscape.

Horse racing

Due to the sports betting laws, Vietnamese may bet on horse races. These horses are bred locally. Once the horse racing industry thrived in the country. Post-1975 a ban on gambling crippled the sport. With the new sports betting laws in place, foreign investors are expressing interest in building racetracks to meet the growing interest in the sport from Vietnamese nationals.

Football

FIFA soccer is also known as football in European, Asian, and other countries. Vietnam’s new laws allow citizens to place bets on these matches. The change represents a step toward expanding sports betting opportunities. However, infrequent games cause bettors to continue placing bets and unlicensed and illegal sportsbooks.

Greyhound racing

Greyhound racing is affordable for Vietnamese. With costs running only a few dollars per bet, dog racing may prove a profitable gamble for the government, which included the sport in its decree to allow some forms of sports betting for citizens.

Payment methods in Vietnam

For the Vietnamese, betting online at digital casinos and sportsbooks means choosing a trustworthy platform to transfer funds. Established online businesses usually deal with well-known digital wallets and financial platforms, such as Neteller and PayPal.

By signing up for an account, bettors may easily deposit funds into a sportsbook’s account from the comfort of home in Vietnam. Other platforms, like Entropay and PromptPay, are gaining popularity. Banks and cryptocurrency platforms also offer ways to fund online accounts at internet-based sportsbooks and casinos.

It's important to understand how to deposit and withdraw funds when using online payment platforms. Withdrawal policies differ from one gambling establishment to another.

Researching the terms of business allows Vietnamese to fully engage in gambling without experiencing surprising hiccups when it’s time to withdraw funds. For instance, funds transfers may take longer than expected, which is why bettors should not gamble with money needed for bills or other expenses.

Vietnam’s strict regulations are in place to protect the country’s citizens. However, it is unlikely the government will be able to maintain control of the already excessive underground betting market, which sees billions of dollars in revenue leave the hands of citizens every year. Still the new laws are a step toward offering safer gambling opportunities while regulating gambling in the market.

The History of betting in Vietnam

Most experts agree that gambling in Asia dates to Ancient China. Early evidence uncovered by archaeologists includes ancient tiles, which were for gambling. These tiles may date to an early form of the lottery and the discovery led experts to the origins of Asian gambling. Even China’s “Book of Songs” includes information about “drawing of wood,” which is like the game called Keno found in modern casinos.

The games origin dates back more than 2000 years to China’s Han Dynasty. Also known as baige piao, the game’s players pick numbers or characters to match against a random drawing. As Baige Piao’s popularity grew, experts believe provincial governments began to operate similar games to raise money for the military and public projects, including the Great Wall of China.

The literal translation of Baige Piao is White Pigeon Ticket,” and the ancient Keno slips are the most credible evidence that gambling in Asian countries evolved out of China and spread to other countries. In fact, Chinese immigrants introduced gambling games to other countries, including Vietnam.

Vietnam gambling evolution

Ancient gambling had an adverse impact on Vietnamese culture and families. Household incomes plummeted, which impacted the economy. As a result, the government stepped in and ended the practice of publicly available gambling throughout the country.

Unfortunately, the strict enforcement led to underground gambling, which fueled billions in illegal gambling sales every year. By 2017, the country instituted a five-year trial run for sports betting and public access to state-managed casinos.

However, citizens still experience restrictions, leading many to turn to online gambling. Gamblers in the country leverage technology to access internet-based sportsbooks and casinos. Vietnamese also take advantage of mobile technology and smart phones to bet. With Vietnam serving as a major gambling hub for bettors worldwide, citizens and tourists easily access gambling opportunities on mobile phones.

Betting nowadays in Vietnam

Today, Vietnamese are welcome in government run-casinos, which once catered to foreigners visiting the country. Vietnam’s casino income is up more than 60 percent. A good deal of those funds are earmarked for improving the country’s tourism, which is a major revenue stream.

Future of betting in Vietnam

Investors are betting on Vietnam’s gambling evolution. New online casinos and sportsbooks are catering to the country’s citizens and tourists. With the government’s new open policy, Vietnam is eager to license foreign businesses to offer sports betting options in the country.

Even with strict laws, the government plans to reduce illegal gambling activity by offering access to international websites. According to recent studies, Vietnam residents spend close to $800 million on gambling. Authorities hope to retain revenue by offering alternative sports gambling entertainment and curtail the spread of unsanctioned gambling establishments.

Even as citizens are flocking to public-run casinos and accessing gambling online, Vietnam is adhering to strict regulations to prevent the same impact on the economy, which caused the country to prohibit gambling initially. Regulation also serves to keep citizens from losing money by betting at unregulated and disreputable gaming venues and websites.

Vietnam is joining the ranks of countries that accept gambling as a way of life. Authorities hope regulations will benefit the government and its citizens soon.

Are casinos legal in Vietnam?

Casino betting is now legal for Vietnamese and state-run venues and authorized sports betting websites. For a long time, Vietnam prohibited gambling among citizens at casinos. However, regulators have lifted some restrictions, allowing citizens to access state-managed casinos and authorized websites.

An underground gambling market fueled by the country’s citizens create billions of dollars in revenue. Vietnam’s government has revised its laws to attempt to regulate the substantial money citizens spend on gambling every year.

Betting legislation in Vietnam

From 1999 to 2017, the Vietnam lottery served as the only legal betting in the country. With three lotteries, the popularity of the game affords the government the opportunity to manage all legal gambling revenues. However, the growth of the multi-billion-dollar illegal gambling market prompted lawmakers to pass new laws, which allow legal forms of horse race, football, greyhound, and sports betting.

Until 2017, Vietnam’s gambling laws were strict and law enforcement charged social gamblers with violations akin to fines received for distributing religious propaganda online. If caught violating the provisions of the law, gamblers pay a fine and may serve time, depending on the severity of the offense.

From three years to non-custodial reform, like probation, punishment for minor violations may seem severe to countries where gambling is legal and readily available. For more severe offenses, such as running an illegal gambling venue, operators may face up to 17.5 years.

Since 2017, a local may enter casinos, if he or she meets the laws conditions. Gamblers must show proof of a regular monthly income, exceed 21 years of age, have no criminal background, and receive family permission. Even after meeting these strict conditions, access to casinos is only allowed for three years.

By 2018, Vietnamese legislators also passed a new law regulating sports betting. Favorable provisions aid in the expansion of sports betting opportunities while protecting citizens. As Vietnamese citizens access betting platforms online, the bettors may use local money to participate in betting.

Sports betting regulations

It is easy for the government to monitor and oversee state-run lottery sales and revenue in Vietnam. Regulating sports betting proves more challenging. Therefore, authorities seek to obtain tax revenue by attracting foreign companies to the market.

Even with more relaxed laws, citizens are still visiting underground betting establishments. Limitations on the number of casinos in operation and the strict rules required to gain access leaves citizens disappointed. Many turn to the same illegal operations, which the government is attempting to curtail.

Even with sports betting, citizens may bet solely on international FIFA soccer games, which are held once a year. Operators hesitate to participate in the strict path to licensing to provide bettors with infrequent match options. Although Premier leagues offer more frequent matches, these tournaments are not currently a part of the government’s plan to expand sports betting in the country.

FAQs

Are gamblers in Vietnam arrested?

Vietnam has very strict regulations governing gambling to protect its citizens. Nationals who break these laws are at risk of arrest.

Can Vietnamese bet online?

Vietnam has no jurisdiction over licensed international casinos and sportsbooks. However, owning an online casino in the country without authorization is illegal and unsanctioned operators are subject to consequences, according to the country’s gambling laws.

Which forms of gambling are legal in Vietnam?

Recent changes to Vietnam’s gambling laws allow citizens who qualify to participate in gambling at state-run casinos. Legal sports betting opportunities are also available, including horse racing and football.

How does illegal gambling impact the Vietnam betting market?

Illegal gambling in Vietnam is a multi-billion-dollar market. It is unregulated and subject to the participation of bad actors. Citizens risk losing money from unscrupulous owners. However, many prefer to participate in illegal betting to avoid the strict laws governing gambling in the country. Slowly, the government is changing the legal framework to allow more gambling in the country.

In the meantime, citizens bet substantial amounts of money at unsanctioned venues and online websites. For the country, these illegal bets result in losses of tax revenue for the government. For citizens, there is no framework to protect bettors from fraudulent, illegal gaming operations.

How will Vietnam’s new gambling laws benefit its citizens?

For a long time, citizens who gambled in Vietnam were subject to fines and imprisonment for violating the country’s strict gambling laws. New regulations open the market to allow gambling for those who meet certain criteria. At least, these state-run or state-sanctioned gambling options afford gamblers legal opportunities to place bets at casinos and sportsbooks.

Prior to the new regulations, illegal gambling was the only option for gambling outside of the stat-run lottery. The new laws also allow the government to partner with foreign companies, giving the government access to tax dollars from gambling in the state, which should benefit the citizens.

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