Tuesday, February 06, 2007

Ladbrokes discussing betting with Vietnam Govt

The UK-based Ladbrokes betting firm has announced plans to invest US$60 million in Vietnam if the government legalises football betting by next year, Thanh Nien newspaper reported. The Vietnamese government is considering lifting a ban on betting to raise funds for sports training and infrastructure and to regulate the current illegal betting in football, particularly English Premier League games. Two Ladbrokes executives arrived in Hanoi this week for talks with Vietnamese authorities about possible cooperation.

John O’Reilly, its financial director, said his company could help Vietnam set up a fair, transparent, and useful betting system. That would help inform fans, punters, and officials about how and where profits from betting are invested. Christopher Bell, Ladbrokes’ president, said the system would ensure punters obey rules on how many times and how much money they could bet. The British government received tax revenues of US$6 billion last year from betting while Vietnam's draft law is thought to provide for a ceiling of VND450,000 (US$28) per match per punter

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