The law-making National Assembly’s Standing Committee yesterday allowed the Government to issue regulations on the organization of betting on international football, horse and dog racing.
Thanks to this move, Vietnamese people will soon be able to legally lay stakes on international football matches, instead of gambling in illegal rings. Betting on horse and dog racing was piloted years ago.
According to the draft decree, a State-owned company will be granted a license to organize betting on international football with minimum investment capital of VND500 billion ($24 million). Betting on horse racing can be organized by a limited liaison firm with minimum investment of VND1 trillion, and VND300 billion for dog racing.
The amount someone can bet is limited from a minimum of VND10,000 (half a US dollar) to a maximum of VND1 million (US$48) a day. This proposed limit has caused controversy.
Nguyen Van Hien, chairman of the Justice Committee under the National Assembly, commented that, “I think no one will lay a stake of VND10,000 as it is a small amount, only enough for a bunch of vegetables.”
He added, “The maximum level of 1 million dong a day is also too low. The range should be from VND50,000 to VND5 million a day.
“For a businessman, five million dong is a small sum. Otherwise, he will continue to bet with illegal betting rings abroad.”
This limit will fail to attract bettors as it cannot satisfy their ‘thirst’, Hien confirmed.
Finance minister Dinh Tien Dung added that police have discovered many bettors placing US$300,000 on a football match.
Nguyen Kim Khoa, chairman of the National Defense and Security Committee of the NA, raised the question of why betting on traditional Vietnamese games like buffalo and cock fighting has not been mentioned.