Gambling in Vietnam is rampant despite it being an illegal activity. The number of Vietnamese people engaged in gambling has led to the government forming regulations to curb addiction, monitor gambling activities, and profit from it as well.
In general, gambling is illegal in Vietnam. However, some forms of betting in Vietnam are allowed. This includes lotteries, horse racing, greyhound racing, and international football. The country has more than 30 land-based casinos but the entrance to these are limited to foreign passport holders. Decree Number 3 allows locals aged 21 years old and over to enter the casinos. Other conditions mentioned in the regulation include a monthly income of more than 10 million dongs, no criminal record, and permission from the family. Locals are also required to pay 1 million dong admission fee good for 24 hours. Still in its testing phase, the regulation also allows citizens to enjoy entrance to a casino for three years only.
Since the country only allows limited gambling activities, monopolies exist. The gambling industry of Vietnam rakes in money. it is a lucrative business necessitating government oversight and intervention. Casinos based in Vietnam are all privately owned but they are closely monitored by the government.
The limited number of wagering choices available to Vietnamese punters has led to a growing illegal gambling industry. It has become a big business over the years despite the harsh penalties awaiting those who are caught violating the law. Law enforcement often conducts raids of illegal casinos to crack down the gambling mafia. Violators, particularly the illegal operators and bookmakers, face serious sentences. They can face imprisonment ranging from two to seven years depending on the degree of involvement in the operations.
The Vietnam government is serious in regulating the gambling market that online gambling is regarded as an illegal activity as well. Those who run local online casinos are also charged with administrative cases. Online casino enthusiasts from Vietnam still enjoy online gaming sites by using VPNs so they can gain access. Still, it is still risky.
Vietnam is home to one national online lottery and 63 traditional lotteries that operate at the provinces. The government has already given seven casino licenses to build within resort complexes. Five-star hotels are also allowed to operate electronic machines.
The safest route for Vietnamese gamblers to enjoy online casino is by accessing websites that are internationally licensed and regulated. In can be quite a struggle since many online betting sites do not accept players from Vietnam. The remaining websites accepting Vietnamese players offer valuable promotions and daily bonuses. Here is a list of the top gambling websites that accept players from Vietnam:
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Yes, the government imposes taxes on casino winnings. Gambling profits are taxable at a rate o 10% for winnings that exceed 10 million dongs. Winners are required to report such winnings on their annual income tax if they are not immediately withheld at source.
The Vietnamese Dong is the country’s national currency and it is accepted as a payment method in most casinos. Some online websites accept this currency to attract more players from the country. Playing on sites accepting the local currency help players save by not paying foreign exchange fees and not worry about conversion rates.
Vietnamese players who play online find it easier to deposit money via their credit cards. Paying through e-wallets such as Skrill, Neteller, and EntroPay are also possible. E-wallets are gaining popularity due to its fast conversion time. Funds can become available within hours. Withdrawal can also be done through the mentioned options.