Thursday, December 21, 2006

Ladbrokes considered for Vietnam football betting

Vietnamese authorities are set to seek government approval for a regulation to legalise previously-banned football betting next year, under which gamblers could place a maximum stake of VND450,00 (US$28). Nguyen Trong Hy, deputy head of the National Sports Committee told a press conference reported by Thanh Nien, that the draft was to be submitted to government in the first quarter of 2007. Besides imposing the cap on each stake, the regulation restricts punters to a certain number of bets per month.

The committee is considering partnering with UK-based betting firm Ladbrokes to form a Vietnam state-run 51:49 joint venture company headed by a Vietnamese national. Regulations could be modeled after those in the UK, in that companies offering gambling services are required to advise punters against betting if they lose more than they win in a certain month. Hy quoted police sources as saying billions of US dollars were drained away from Vietnam per year to betting centres in Hong Kong, Macao and elsewhere.

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