On Jan 24, 2017, The Government has promulgated Decree 06/2017/NĐ – CP on betting business of horse race, dog race and international football. This Decree will take effect from March 31, 2017 and therefore the betting business of horse race, dog race and international football will officially legalized. Some of the main contents in Decree 06 includes in the following:
- Scope
This Decree deals with the business, management of the business and administrative sanction in betting business of horse race, dog race and international football in Vietnam.
- Principles of betting business
The government promulgates that betting business is business lines subject to conditions and must be close controlled by competent authority. In addition, currencies used to buy betting tickets or pay bonus is Vietnam Dongs.
- Prohibited acts
– Engaging in betting business without being granted certificate of satisfaction of betting business conditions.
– Engaging in betting business untruthfully with contents which is granted by competent authority.
– Organizing and taking part in betting horse race, dog race and international football other than those promulgated in this Decree by any manner.
– Leasing, lending, transfering certificate of satisfaction of betting business conditions.
– Engaging in betting business while being revoked or deprived the certificate of satisfaction of betting business conditions.
– The business establishment carries out business activities when it does not apply for issuance of Certificate of satisfaction of security.
– Unlicensed person who taking part in betting services.
– The business establishment allows unlicensed person to take part in betting services as well as lend or use information of the business establishment to register account.
– Taking part in arrangement and agreement to falsify the results of betiing.
– The business establishment loans player to take part in betting.
– Take advantage of betting business to perform acts that violate this Decree.
– Providing information of betting rate made by betting business enterprise without consent or authorization.
– Taking advantage of betting business to perform form of money laundering.
– Taking advantage of sale promotion to do illegal betting business with the aim to make a profit through the customer.
– Disordering at race course or ticket location.
- Conditions of the capital to be granted certificate of satisfaction of betting business conditions
In accordance with Decree 06/2017, the capital investment of business establishment to perform betting business of horse race is at least VND 1000 billion and the capital investment to perform betting business of dog race is at least VND 300 billion.
In addition, the government allow 01 enterprise on pilot to organize betting business of international football in 05 years from the day on which the Certificate of satisfaction of business conditions. After the pilot period, the government will decide whether to continue or terminate the pilot. In accordance with this Decree, the capital of business establishment is at least VND 1000 billion.
- Conditions of participants
– The participant must be aged 21 or over and have full legal capacity in accordance with law.
- Betting rate
– The rate for each time betting is at least 10.000VNĐ.
– The maximum rate for each participant in 1 day for each bet in 1 betting business enterprise is VND 1 million.
Source: http://english.luatvietnam.vn/default.aspx?tabid=720
