Several ministries have jointly drafted an ordinance on sports betting and, following a public debate and poll, will place it before the Cabinet for approval early next year.
The Vietnam Football Federation vice chairman Le Hung Dung, a member of the drafting board, told Tuoi Tre he is happy with the bill and expects it to be approved soon.
What will be the effect of the ordinance when it is approved and takes effect?
We had 10 years to study betting models in other countries like Thailand, Singapore, China, South Korea, Malaysia, and the UK before drafting the ordinance.
The government will collect a very large sum of money from betting every year if it is approved. Large sums of money have flowed into the coffers of foreign betting firms since betting is banned in Vietnam now.
But betting on horse and dog racing has been publicly organized in Ho Chi Minh City and Ba Ria Vung Tau in recent years…
The betting on horse and dog races will serve as a model before betting officially begins in Vietnam.
In reality, betting has become a social need and thus cannot be wished away. Therefore, the government should regulate it to both earn more revenue and control the betting.
Is it feasible since the draft ordinance says a person can only bet a maximum of VND1 million (US$51) a day?
Don’t ever equate legalizing football pools with complete elimination of illegal betting. In Singapore and other nations, illegal betting also takes place since both winners and illicit bookmakers earn more money due to tax evasion.
Participants in illegal betting are not obliged to declare their identity and can bet as much as they want.
However, I can assure you that companies will rush in to the field once the draft ordinance is approved. I can tell you in advance that only a few of them will succeed since bookmaking is not a simple job.
[It] is quite different from lotteries since the number of lottery tickets and winners are balanced. But in betting, a bookmaker could go bankrupt after just one game.
So I think Vietnam should also set up joint ventures with foreign firms who have decades of experience.
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