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The government has mandated that potential investors go through a bidding procedure in an effort to regulate the rapidly growing international football betting market. In accordance with the Bidding Law, Decree 23/2024 requires that investors be chosen through a competitive bidding procedure.
The regulation stipulates that investors must take part in a competitive bidding procedure in order to conduct foreign football betting operations in Vietnam. Projects that involve investments in dog and horse racing, including betting, also need bidding in the event that other investors show interest.
This directive echoes the provisions outlined in Decree 06, which governs betting activities on horse racing, dog racing, and international football. In 2017, the government introduced a pilot scheme permitting international football betting through competitive bidding.
The Ministry of Finance proposed changes to Decree 06 in late 2021, however the revised decree’s issue has not yet occurred. The betting on European national football championships and the ability to purchase betting tickets online are two of the suggested modifications.
Furthermore, provisions concerning investor requirements are included in the proposed revisions. These include a minimum capital investment of VND1 trillion ($40.5 million) and a ceiling on foreign ownership of no more than 50%. In addition, businesses must provide the state budget a minimum of 5% of their wagering profits, net of taxes.
Regulators responsible with choosing pilot enterprises, however, face a hurdle as a result of the new decree’s delayed issuance.
Every year, law enforcement organizations find and take down illicit football betting businesses that launder billions of Vietnamese dong in bets on international football games. The internet is overrun with betting sites such as FB88, Fi88, and Bet88, which are indicative of the large-scale illicit betting sector.
Vietnam’s black market for football wagering is thought to bring in tens of billions of dollars a year, but the government finds it difficult to control money movement and tax collection.
Foreign investors have demonstrated a strong interest in Vietnam’s international football betting market despite regulatory obstacles. Such betting operations have been made legal in a number of nations, which has led analysts to call for strong regulation.
According to experts, a strong regulatory structure would draw in investors and give people legitimate places to engage in leisure activities. Moreover, it would increase state income by taxing betting operations, which would stop illicit gaming.