How is sports betting legal ?Sports betting at bookmaker apps has been a widely discussed issue in recent years, with many families experiencing asset loss and debt due to their involvement in it. Although Vietnamese law does not strictly prohibit sports betting, this behavior can only take place within the limits set by law, such as age restrictions and the amount of money allowed to be placed on soccer bets. Many readers wonder how sports betting is legal under current regulations, how much money can be bet without facing criminal liability, and which organizations are allowed to organize sports betting in Vietnam. This article by Lawyer X will help you clarify these issues. We hope this article will provide useful information for our readers.
What is sports betting?
Sports betting is the act of using money or other assets to place bets on the outcome of a sports event that is about to take place or is currently taking place but has not yet ended. It is essentially a wager on the winning or losing score of a sports game, primarily soccer.
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Forms of sports betting:
There are many forms of sports betting available today, and soccer betting is a popular option among gamblers. This allows players to have a wide range of betting options, increasing their chances of winning. Here are some of the most popular forms of soccer betting:
Full-time result betting: This is a popular form of betting in which players predict the final outcome of the match, either win, lose or draw for their chosen team.
Half-time result betting: Players can make predictions about the outcome of the first half of the match, including whether the team will win, lose, or draw.
Handicap betting: In this form of betting, one team is given an advantage or disadvantage in the final scoreline in order to level the playing field between teams.
Over/Under betting: This form of betting involves predicting the number of goals scored by both teams, whether it will be over or under the set limit.
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For international football betting business, the Government will allow a company to pilot for 5 years, after which the Government will evaluate whether the company can continue to operate or not.
The pilot football betting business must have a minimum charter capital of 1,000 billion VND and meet other regulations.
The investment plan for the system of technology, technical equipment, and accurate, safe, and stable business operation software.
The feasible football betting business plan, the method of distributing betting tickets, and the territory for issuing betting tickets must comply with the provisions of this Decree and regulations of the law.
Commitment to community support.
The organization of this type of business must be done through a bidding process to select a company to pilot the international football betting business.