The Ministry of Finance is drafting for government consideration an ordinance on lottery, betting rules for sports and entertainment activities, reports Vietnam News Agency.
Regulations on betting will be applicable to Vietnamese citizens within Vietnam’s area or Vietnamese citizens residing overseas but enter Vietnam legally, over 18 years of age.
As per the draft, a limited or joint stock company with reserve capital of at least VND70 billion (US$4.4 million) can launch a betting service.
Betting rules will be issued by companies for each particular game or sport, of which companies will repay wagers to customers if the game or sport activities is cancelled or stopped mid way.
The betting operation must be run independent of the sports or games activities themselves.
Amidst high demand from sports fans, there has been increasing calls for legal betting, creating a lofty new source of income to the national treasury.
Source: Vietnam News Agency
