Best Betting Sites in Vietnam

Sports Betting Regulation in Vietnam

Vietnam hasn't always been open to online gambling activities, including sports betting. For many years, there has been a battle to create a regulated and legalized market for online betting. Fortunately, it has proved fruitful for Vietnamese bettors, given the 2017 decree by the National Assembly. Vietnam still has a long way to go regarding the sports betting industry, but it has a bright future. To get started with a suitable sports betting site in Vietnam, it helps to understand the Vietnam online sports betting regulations. That way, you'll know what it entails and can remain on the good side of the law.

History of Gambling in Vietnam

Gambling has been around in Vietnam as early as the 1st Century AD, showing that the Vietnamese have a deep-rooted history in the game. Popular games such as Xoc Dia and Bia Cao were enjoyed throughout the royal courts. As the world advanced, so did the gambling industry in Vietnam.

The French Colonization from the late 19th century to the early 20th century brought its own influence to the country. It led to the introduction of Western gambling forms and games, including slot machines and roulette. Casinos and gambling dens became widespread during this era. So De was particularly popular during this period, although it was illegal. After the colonial era came the post-independence and communist ban. After its independence from French colonization in 1945, the Vietnamese communist government outlawed many gambling forms.

The communist ban presented a huge blockade on the gambling industry, despite the Western world enjoying a massive boom. However, after many years of reforms and deliberation, the country began to soften its stance on gambling, especially with many tourists visiting the country. Betting platforms became legalized for foreign visitors in designated areas with limitations to Vietnamese citizens' participation. The continuous softening of the ban eventually led to the legalization of certain gambling forms, including sports betting, for citizens and foreigners.

Licenses, Legalization, and Regulation in Vietnam

It has been a long time coming, but Vietnam eventually became open to various gambling forms, especially when it comes to betting on sports. With sports betting being legal in the country, the best online betting sites can easily provide gambling access to Vietnamese bettors. As a result, there is access to the exciting incentives online betting sites offer. Players simply need to find suitable online bookmakers to join and ensure they are legal sports betting sites with access to operate in the country. Keep reading to learn more about sports betting licenses, legalization, and regulations top Vietnam betting sites must follow.

Legalization

• The 2017 decree legalized a 5-year pilot program for betting on international football, greyhound racing, and horse races, although the 2018 implementation of the decree didn't come with specifications. As a result, it left room for ambiguity, which created loopholes for online sports betting sites.

• Although the legalization was a good development, it was met with many challenges that hindered full implementation. One of these hindrances was the high capital requirements. As a result, there are not many locally-operated legal and licensed Vietnamese sports betting sites. So, it has been difficult to have a solid gambling ecosystem.

Licenses

• Obtaining a license in Vietnam for betting websites is challenging because there is a massive charter capital requirement. It costs about VND 1 trillion, which is about $44.2 million for operators who want to provide horse racing and football betting to Vietnamese punters. Additionally, it costs about VND 300 billion, approx. $13.2 million to obtain a license for greyhound racing operators.

• Because of these high thresholds, licenses have been limited to state-owned establishments, effectively making it difficult for the Vietnam sports betting industry to grow even with the current online betting legal status. Also, these licenses do not cover offering betting opportunities on many popular sports like basketball and tennis.

Regulation

• In Vietnam, the Ministry of Finance regulates and oversees the pilot program and is endowed with the power to regulate sports betting activities and grant licenses. Operators who want to go through the right channels and have a legal sports betting hold in Vietnam must do so through the Ministry of Finance.

• The current regulation imposes age restrictions, bet amount limits, and technical requirements operators must fulfill. The regulators also aim to prevent money laundering and curb illegal gambling activities to ensure players are protected from scams and fraudulent betting platforms in the country.

Sports Betting Tax Laws

Given that there are still complexities and uncertainties in the gambling laws in Vietnam, the tax laws also come with intricacies. As a result, current tax laws are subject to changes or redefinitions depending on what comes after the pilot program. There are currently three tax laws that concern betting online in Vietnam.

• Corporate Income Tax: Any operator with a license to operate in the country is subject to a standard 20% corporate income tax rate. In this case, it is only applied to profits after the operational expenses are deducted. This tax is only applicable to operators and betting firms with a gambling license in the country. So, bettors don't have to worry about it.

• Value Added Tax: Although this tax is not directly deducted from betting expenses or winnings, it can still be indirectly related to betting activities in Vietnam. VAT is applicable to the purchase of goods and services. Therefore, any goods or services you pay for with your betting winnings are subjected to VAT, which is currently set at 8%, following an initial reduction in July 2023.

• Personal Income Tax: Sports betting winnings on legal betting sites in Vietnam are subject to a personal income tax. The current rate for Vietnam's personal income tax is 10%. So, your sports betting winnings are subject to this tax rate. Note that this could change in the future if new gambling laws are passed in the country.

Future Projections

The gambling sector in Vietnam is still rough around the edges. There are still many complexities and ambiguities to address. The good thing is that there is a continuous push to have a more regulated betting sector in the country. As of now, Vietnamese punters can continue to get the best experience from top betting sites licensed outside the country. Fortunately, there are no laws prosecuting players for betting on foreign sites. We continue to look forward to what comes next after the pilot legalization program. In our opinion, the future looks good for the Vietnam betting sector.

Popular Payment Methods for Vietnamese Betting Sites

There are different payment methods Vietnamese players can use for their gambling journey. Finding the right one might be a bit tricky, but it is a worthwhile endeavor if you want to enjoy a smooth betting experience. To help you find the right payment options you can use for your next betting adventure at Vietnamese betting sites, we've highlighted a few options below. Check them out and get started today.

E-Wallets

You can try your luck with various e-wallet options in the country. For a fast and reliable transaction experience, you should consider this payment method. E-wallets are easy to use once you understand the service and know the terms and conditions. Individual e-wallet service has unique features you might want to explore. So, ensure you check each one before proceeding. We've highlighted some popular e-wallet payment methods below. Check them out to see which one is suitable enough for your next adventure.

• MoMo: This payment method is a leading e-wallet service provider you can use to complete seamless transactions in Vietnam. MoMo is a big name in the Vietnamese financial technology space, boasting over 30 million users, and is among the top names featured in various sports betting sites' payment method lists. So you might want to consider it for your next journey.

• ZaloPay: This is another popular e-wallet payment option you can use at various Vietnam sports betting platforms. It is a convenient and secure banking method that provides exciting features to ensure you enjoy seamless transactions. ZaloPay is popular in Vietnam and has a good working system perfect for those who want to enjoy easy transactions on betting sites.

• ViettelPay: You can also try your luck with ViettelPay, an e-wallet option that is backed by one of the largest telecom providers in the country. ViettelPay is a reliable payment method that provides players with access to reliable and secure systems for transactions on various betting platforms. Use this payment option at various betting sites to enjoy fast and secure deposits.

Bank Transfers and Online Payment Gateways

Another set of payment options you can explore includes bank transfers and online payment gateways. These banking options provide high-end security for players and ensure you enjoy safe transactions. You can consider these options for your betting experience, but you should know that some of these payment methods aren't available for withdrawals. So, you should take note of them before proceeding. That way, you can know what to expect and can plan accordingly. Below are some popular bank transfer and online payment gateway options you can consider in Vietnam.

• Direct Bank Transfers: At many betting sites in the country, players can use the direct bank transfer option. With this payment option, you simply need to send money from your bank to the betting site's account. Once the transaction is successful, you'll receive the money in your betting account. With bank transfers, you can deposit and withdraw money at most betting sites.

• Internet Banking: You can also consider the convenience of online/internet banking, where you can log into your bank account and complete transactions. It is secure and reliable because there is no need for third-party services before you can get the job done. Once you have all the details you need, you can complete the transactions and start your betting adventure with ease.

• Credit/Debit Cards: You can make credit/debit card deposits at several Vietnamese betting platforms. These sites usually allow players to deposit using Visa or Mastercard. So, if you have any of these payment methods, you can use them to fund your account. But you must keep in mind that this option is usually not suitable for withdrawals. So, you'll always need an alternative.

Cryptocurrencies

Vietnam is open to the convenience and excitement of the crypto world, and as a result, punters can take full advantage of the growing industry. If you want to enjoy your betting journey, we advise that you consider crypto as your preferred payment method. It is a perfect banking method, especially for those who want to try their luck on offshore betting sites. Crypto provides fast and convenient banking options to players, allowing them to enjoy a seamless experience whether they want to deposit or withdraw money.

• Bitcoin: Among cryptocurrencies, Bitcoin is the most popular option you can consider. It is the first crypto and has since maintained its high standards with many altcoins built on its legacy. Although its market value has become high, making it an expensive project to invest in, it has many benefits, including using it to deposit and withdraw at various betting sites.

• Altcoins: If you don't want to consider Bitcoin because it is expensive, you should try your luck with altcoins. They are cheaper to invest in and are popular among betting sites. Simply find a suitable option and start using it to deposit and withdraw. A few good options include Doge, Tron, Litecoin, Ethereum, and Cardano. Choose a suitable option and start using it to place bets.

• Stable Coins: If you don't want to get into the frenzy of the crypto market or worry about its volatile nature, you can always consider stablecoins. These coins are pegged to real-world currencies. So, you can always consider them for investments. Their value doesn't fluctuate. Therefore, you won't lose your original investment. Some good options to consider include USDT, BUSD, TrueUSD, DAI, etc.

There are many betting sites you can consider in Vietnam, but finding a trusted option to join is tricky. It helps if you have a guide to help you find suitable options. To help you with this, we've highlighted some top betting sites with trustworthy reputations in the table above. You can check them out and pick the one that best fits your betting preferences. Ensure you compare the sites to see which one is better. Once you pick a suitable option, you can proceed to create an account, deposit funds, and start placing bets. Don't forget to claim the welcome bonus as well.

Conclusion

The betting ecosystem in Vietnam is tricky, but it has grown compared to before. The rollout of the trial program for the legalization of betting sites has changed a lot in the country. The betting market is now open to Vietnamese players, and they can enjoy gambling without fear of prosecution. The only problem is that there aren't many locally-operated licensed betting sites in Vietnam. So, it is up to the players to find suitable betting sites outside the country. Fortunately, we've taken the time to find some incredible options on the internet to ensure that players have access to suitable betting sites for their next gambling journey. Check out our list to get started with betting in Vietnam.