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Wednesday, June 19, 2024

Vietnam to allow int’l soccer betting payments via e-wallets

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HCMC – The Ministry of Finance is preparing to allow soccer and horse racing bettors to make payments via e-wallets, bank accounts or prepaid mobile phone accounts, as part of a new legal document, for which the ministry is seeking feedback, to replace a decree over betting on horse and dog racing and international soccer events.

The prevailing regulations allow people to only place bets via mobile phones and pay for betting tickets via bank accounts. However, with the rapid growth in technology and cashless payment methods, it is essential to expand payment methods to create favorable conditions for bettors, the ministry explained.

Since each payment method has its own upside, bettors can opt to link their betting accounts with their bank accounts, e-wallets or prepaid mobile phone subscriptions.

These payment methods can also help in terms of rewarding bettors, wherein they can get cash rewards transferred to their linked accounts by betting companies or agents and can withdraw the money in line with the prevailing regulations on e-payment.

These payment accounts must be opened at cashless payment service providers or e-wallet operators in accordance with Vietnam’s regulations on non-cash payment, the ministry suggested as part of adjustments to the decree.

Moreover, as per existing regulations, the betting sum of money must be at least VND10,000 each time, and the daily maximum amount set for each player placing a bet at a certain betting firm is VND1 million. Any change to the quota must be sent to the Government for consideration and approval.

Accordingly, the finance ministry suggested eliminating these betting limits. Instead, under the new decree, the ministry should coordinate with the relevant ministries and agencies to present plans to the prime minister on betting limits for different periods. Further, the Government leader should take additional responsibility over revising the betting limits for each period in the new decree, said the ministry.

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