Vietnam Implements Tender Requirement for Football Betting

Vietnam is now requiring official bidding for companies wanting to organize football betting.

Vietnam's government now requires foreign companies that want to offer football betting to go through a formal bidding process. This new rule, called Decree 23/2024, was created to deal with issues caused by international betting sites and to help control the betting market in Vietnam.

Required Legal Bidding and Law Changes

International betting companies that want to run legal football gambling in Vietnam have to win a bid first. They are required to follow Vietnam's auction rules and must give the government five percent of the money they make from gaming.

In 2017, a rule allowed certain companies to manage betting places, but a new rule from 2024 says that companies now have to compete in an auction to run these places.

What You Need to Operate Internationally

• Operators must participate in a government-called tender process.
• Selected operators are to give five percent of gaming revenue to the state.
• Investment projects must comply with the Bidding Law if more than one investor is interested.
• A $40.5 million minimum capital investment is necessary.
• Foreign investor stakes are capped at 50 percent.
• Operators must contribute five percent of betting revenue in cash before taxes.

Tackling Illegal Betting

Decree 23/2024 in Vietnam is made to stop illegal gambling that happens a lot on overseas soccer games. This brings tens of billions of dollars each year. The plan is to make rules that are clear so that companies from outside Vietnam will want to do business there, which means the government will collect more taxes.

Consequences for Global Gambling Groups

Starting a rule-based bidding system is expected to manage how overseas soccer betting companies work. This should also help to turn illegal betting money into legal earnings, which would be good for the country's financial health.

Companies from other countries looking to offer betting services in Vietnam must get ready for tougher rules they have to follow because of a new law.

Vietnam's decision to require a formal bidding process for soccer betting is likely to change the legal and hidden gambling scene a lot.