Are max bets too low?
Five years after the Vietnamese government began studying legislation to legalize sports betting, the government is still working on a draft decree that would regulate the business.
According to the Thanh Nien News, Vietnamese Prime Minister Nguyen Tan Dung recently told the Ministry of Finance to keep working on the draft, which would legalize bets on horse and greyhound races and football matches. Under the current proposal, bets would not be able to exceed VND1 million (US$46), which some officials think should be raised.
Nguyen Van Hien, chairman of the parliamentary judicial committee, has recommended increasing the limit five times. He says enforcing low stakes would undermine the legislation and push people to keep betting illegally. Economist Ngo Tri Long agreed that low limits would be counterproductive and keep the country from achieving its dual objectives: putting an end to illegal gambling, and maximizing tax revenues.
Thanh Nien cited an unnamed source who said Vietnamese gamblers spend US$1.5 billion with foreign providers every year.