Saturday, June 24 2017

VietNamNews

Gov’t approves horse, dog racing gambling

Update: February, 07/2017 - 06:00
The perpective of the US$1.5 billion horse racing course complex developed by South Korea G.O.Max I&D in the northern Phú Thọ Province. — Photo doanhnhanvietnam.org.vn
Viet Nam News

HÀ NỘI — The Government has issued a long-awaited decree allowing Vietnamese citizens to bet on international football matches and on horse and dog races in Việt Nam. This follows a decree issued last month by Prime Minister Nguyễn Xuân Phúc lifting the ban on gambling by Vietnamese at local casinos.

The new decree is expected to pave the way for foreign and domestic investment in race courses and other gambling activity.

Under the decree issued last week, each gambler can place a wager with an authorised betting firm for a maximum of VNĐ1 million ($44) and a minimum of VNĐ10,000 for each betting product per day.

The football wagers will be limited to matches that have the approval of international football overseers FIFA. The Ministry of Culture, Sports and Tourism will issue the list of eligible international football matches for betting.

The punters must be at least 21 years old and Vietnamese đồng must be used to purchase betting tickets and pay awards, said the decree.

According to the decree, the minimum investment capital for horse racing and football betting businesses will be VNĐ1 trillion each, and for dog racing will be VNĐ300 billion.

The legalisation has been discussed for years. In 2010, the Ministry of Finance began formulating a draft decree, but sought to first learn from the experience of other countries to ensure that the wagers would not affect social order and safety.

In Việt Nam, betting is a conditional business activity, meaning that it is not encouraged and is under the strict control of State management agencies. Only enterprises with betting licences are allowed to sell gambling tickets.

The decree requires bettors to wager via authorised retail betting agencies, which can’t be located within 500 meters of a school or children’s park. The new decree also regulates punishment for administrative infringements on horse and dog racing and international football gambling in Việt Nam.

Betting must be conducted in a transparent and subjective manner and protect the rights and benefits of relevant sides.  

The punishment levels from VNĐ5 million to VNĐ10 million will be given to the betting agencies which supply insufficient and inaccurate information for customers. The violation on money laundering will be fined from VNĐ50 million to VNĐ100 million, even being revoked business licence from three to six months.

As for violations to betting promotions, the firms can be fined from VNĐ180 million to VNĐ200 million or revoked business licence from six to 12 months.

Hope for FDI growth

The new decree is expected to lure additional Foreign Direct Investment (FDI) to Việt Nam. The Hanoi Tourist Corporation, for example, is seeking to build a horse racing track in the capital’s suburban district of Sóc Sơn. The track will cover up to 180 hectares with an investment of US$500 million.

South Korea’s G.O Max wants to build a $570 million racecourse in northern Vĩnh Phúc Province. Other companies include Golden Turf Club Pty Ltd, with a $100-million project in southern Phú Yên Province and Hong Kong’s Matrix Holdings Ltd with a planned horserace centre in Đà Nẵng City.

The domestic Đại Nam Group JSC recently said it would open a racecourse costing $100 million in the southern province of Bình Dương. Construction of the racecourse, spanning 60ha, at the tourism park in the province 40km from inner HCM City, started last July. It includes a 30ha parking lot and a grandstand that can accommodate 50,000 to 60,000 people.

Nguyễn Mại, the chairman of the Việt Nam Association of Foreign Invested Enterprises, told baodautu.vn that this was wholesome entertainment that needs to be encouraged. — VNS
 

Send Us Your Comments:

See also: