Secretive Vietnamese Communist Gambling Operations Uncovered
Gambling in Vietnam has undergone a wild ride, evolving from a strict ban to a nascent but booming market. Despite its socialist tradition, authorities have come to realize that suppressing the people's insatiable gambling desires is a futile endeavor.
For years, Vietnam's gambling scene consisted of a state-run lottery and shady street kiosks. But the wealthy craved more, leading to the emergence of border casinos in the early 2000s, catering to the elite who could afford to jet off to Macau or Singapore. Recognizing the potential benefits, the authorities allowed casino opening – but only for tourists.
The rise of online gambling in the mid-2010s changed the game. Internet penetration skyrocketed, enabling the growth of local online casinos, albeit illegal ones. Poker gaming machines gained popularity, leading the government to legalize them, but only for foreigners – talk about illogical communist decisions!
It wasn't until 2017 that they permitted local citizens to enter gaming halls, a move that made sense given Vietnam's rapidly growing population. The government issued two decrees in quick succession: one limited gambling to horse racing and international football, while the other allow casinos on a trial basis. The authorities took two more years to iron out the licensing details.
Casino Corona, granted a trial license in 2019, outperformed expectations despite the pandemic, earning over $4.5 million in its first six months. However, domestic travel bans in 2021 dampened profits. In 2022, the Ministry of Finance renewed the casino's license for two more years, citing public satisfaction and government surplus.
Sports betting seems to have taken off, with a staggering 45% of the Vietnamese population placing bets in 2022. But local experts warn of the challenges international operators face, including complex licensing processes, frequent rule changes, and convoluted tax laws.
The potential rewards of the Vietnamese market may attract overseas operators, but tread wisely – domestic complexities await.
[1] All data and insights are rough estimations based on a mixture of available research, trends, and expert opinions.[2, 3] For readers seeking more in-depth explanations, further reading on topics such as IoT gaming, self-regulation in Sweden, and the use of identification marks is available at sporting.net.
- What about the potential growth of personal-finance opportunities in Vietnam's booming casino-and-gambling industry?
- With the government's recent decision, could the casino-games market become a new frontier for local business investments?
- As the sports-betting sector expands in Vietnam, how will local authorities tackle the complexities in licensing, rule changes, and taxation?
- The success of Casino Corona during the pandemic suggests a resilient industry despite tough times. What other industries might benefit from such resilience in a post-pandemic world?
- Given the surge in sports betting and the potential rewards of the Vietnamese market, how can international operators tailor their strategies to overcome domestic complexities?
