Vietnam to set sports betting law

Vietnam could become the latest international sports betting market.

Vietnam.- The Vietnamese gaming market could soon be further expanded with the introduction of a legal sports betting sector into the industry. The local press confirmed the government is planning the implementation of the recently-approved sports betting bill in order for it to come into effect by early 2019.

Maxfield Brown, manager business intelligence with Ho Chi Minh-based consultancy, Dezan, Shira and Associates, said to regional newspaper AGBrief the moves mark an “important step towards opening the industry up to foreign investment and increasing state revenues.”

“Legislation surrounding gambling in Vietnam is still in the early stages of the legislative process,” Brown told AGBrief in an email, as reported this weekend by the newspaper. “Vietnam has provided clarification to date on horse racing, greyhound racing, international football, and physical casinos,” he said.

So far, urban centres, such as Ho Chi Minh City, Hanoi, Da Nang and the surrounding provinces are targets for investment. “Investors in these locations benefit from higher levels of income among residents and also attract higher net worth tourists,” he said.

“Investors will benefit from rising wages and steady increases in gambling spending that is estimated to be growing by around 12 per cent annually.

“The underground gambling market in big cities and tourist destinations will take a big hit as large investors displace smaller-scale underground operations,” he concluded.