The Southeast Asian nation of Vietnam has enacted new legislation permitting its citizens to wager on international soccer competitions.
This alteration in policy comes just in time for the 2018 FIFA World Cup in Russia, though the new law is not anticipated to take effect until the following year.
The Vietnamese legislature approved the legislation on Thursday.
The government’s decision is viewed as an effort to curb the outflow of funds from the country, as sports betting has been prohibited within its borders for a considerable period.
According to the Nikkei Asian Review, a single operator will be granted a five-year license to offer betting on the World Cup, as well as other sporting events, including the Asian Games and the Southeast Asian Games, and competitions not involving Vietnamese athletes. The license will be issued by the country’s Ministry of Finance.
The report also indicates that Vietnam’s illicit gambling market is estimated to be worth billions of dollars annually, with authorities confiscating illegal sports betting operations valued at over $300 million in 2017.
The Vietnamese Football Federation is advocating for more relaxed regulations on sports wagering within the nation.
In the meantime, Vietnamese law enforcement authorities have dismantled a substantial illicit gambling organization valued at $39.5 million.
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