Politics

Revised law officially legalises sports betting

Vietnam has officially legalised sports betting, with bookies set to open after the amended Law on Physical Training and Sports takes effect on January 1, 2019.
Revised law officially legalises sports betting ảnh 1Sports betting was legalised in the revised Law on Physical Training and Sports, which was approved at the fifth session of the 14th National Assembly last June (Photo: VNA)

Hanoi (VNA) – Vietnam has officiallylegalised sports betting, with bookies set to open after the amended Law onPhysical Training and Sports takes effect on January 1, 2019.

Under Article 67a of the law, approved at thefifth session of the 14th National Assembly last June, sports betting is a formof entertainment with rewards in which participants predict the result ofsporting events.

The law regulates that sports gambling is aconditional business activity under the strict control of authorised Stateagencies. Sports gambling companies are permitted to operate only after agenciescertify them.

Betting business activities must be conducted ina transparent, objective and honest manner and ensure the interests of involvedparties. The Vietnamese dong is the currency used for sports betting.

The Government will decide the list of sportsactivities on which betting is allowed and provide more detailed regulations onthe business.

The inclusion of sports betting in the lawamending some articles of the Law on Physical Training and Sports attractedmuch interest of legislators. They said it is necessary to meet the real demandin society, increase budget revenue and mobilise a big source of funding.

In fact, sports betting was already permittedbut restricted to sports like horse racing, dog racing and internationalfootball.

Phan Thai Binh, a National Assembly deputy ofQuang Nam province, said if sports betting is not regulated in law, it willstill exist, making it even harder to be managed and leading to budget losses. 

Echoing this, deputy Duong Tan Quan of BaRia-Vung Tau province said horse and dog racing is already held in Ba Ria-VungTau and Binh Duong provinces, but the issue was just stipulated in a Governmentdecree, so it needed to be mentioned in law too.

The supplementation of regulations on sportsbetting aim to meet demand while enhancing authorised state agencies’management, reducing its negative influence on society and creating a source ofbudget revenue, he added.-VNA
VNA
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