Lawmakers in Vietnam have at last approved of a bill that will allow the country’s inhabitants to place wagers on football matches overseas, although implementation of this new law is not expected to be brought in until next year.
Vietnam’s National Assembly approved of the measure on Thursday, 14th June 2018 as football’s 2018 FIFA World Cup got underway in Russia.
With sports betting having been illegal in the country for decades, the shift by the authorities see the activity being legalized in order to bring the flow of money leaving the country to offshore operators to a standstill. Under the new law, a single operator will hold a license that will enable the licensees to offer bets through their outlets. The license will be granted by the Minister of Finance.
According to a report in the Nikkei Asian Review, a single operator will be granted a five year license and will be able to offer wagers on the World Cup, as well as other sporting events, including the Asian Games and Southeast Asian Games and matches that do not involve Vietnamese athletes.
The report added that the illegal gambling market in Vietnam is estimated to be worth several billion dollars each year, with police in 2017 having uncovered illegal sports betting operations worth more than $300 million.
The Vietnam Football Federation is one of the organizations that has been lobbying for a more relaxed approach to sports betting in the country.
