The Southeast Asian nation of Vietnam has enacted new regulations that will permit its inhabitants to wager on international soccer contests.
The legislation was approved by the Vietnamese National Assembly on Thursday, coinciding with Russia’s hosting of the 2018 FIFA World Cup. However, the new regulation is not anticipated to become effective until the year 2019.
The government’s shift in stance is perceived as an endeavor to curb the outflow of funds from the nation, as sports betting has been prohibited within the country for an extended period.
The Nikkei Asian Review reported that a single operator will be granted a five-year permit and will be authorized to provide wagering services on the World Cup, along with other athletic events, including the Asian Games and the Southeast Asian Games, and competitions that do not feature Vietnamese athletes. The license will be issued by the country’s Ministry of Finance.
The report also indicated that Vietnam’s illicit gambling market is estimated to be valued at billions of dollars annually, with law enforcement authorities uncovering over $300 million in illegal sports betting operations in the year 2017.
The Vietnamese Football Federation is advocating for more relaxed regulations surrounding sports wagering within the nation.
In the meantime, Vietnamese law enforcement authorities have dismantled a substantial illicit gambling network, apprehending individuals implicated in a $39.5 million operation.
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