Vietnam’s gaming market is on the brink of expansion with the upcoming introduction of a legal sports betting sector into the industry. The news was confirmed by the local press and looks like the implementation of the recently-approved sports betting bill will begin soon.
Maxfield Brown, manager business intelligence with Ho Chi Minh-based consultancy, Dezan, Shira and Associates, commented: “important step towards opening the industry up to foreign investment and increasing state revenues.”
“Legislation surrounding gambling in Vietnam is still in the early stages of the legislative process,” Brown told AGBrief in an email, as reported this weekend by the newspaper. “Vietnam has provided clarification to date on horse racing, greyhound racing, international football, and physical casinos,” he said.
So far, urban centres, such as Ho Chi Minh City, Hanoi, Da Nang and the surrounding provinces are targets for investment. “Investors in these locations benefit from higher levels of income among residents and also attract higher net worth tourists,” he said.
“Investors will benefit from rising wages and steady increases in gambling spending that is estimated to be growing by around 12 per cent annually.
“The underground gambling market in big cities and tourist destinations will take a big hit as large investors displace smaller-scale underground operations,” he concluded.
Source: Focus Gaming News
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