bookmaker online betting remains one of the most popular forms of entertainment worldwide. However, each country has its own regulations regarding football betting. In Vietnam, most players are still hesitant because they believe that betting is not yet legalized. So what is the truth about the law of football betting in Vietnam? Let's find out with W88 website!
What is football betting?
Football betting is when players use money or assets to bet on the outcome of a football match that has not yet taken place or is in progress. If the prediction is correct and the bet wins, the player will receive a reward corresponding to the betting amount. If they lose, they will lose the bet amount. The basis for determining the winner or loser is based on the score of the match as well as the odds used.
What is football betting?
Football betting has been around for a long time and quickly became popular worldwide. Until now, it has become one of the most popular forms of entertainment. In addition to watching exciting tournaments and matches, the prize money for winning bets is extremely attractive. Therefore, it attracts a large number of participants.
Nowadays, football betting is usually organized on a large scale, through an intermediary entity called a bookmaker. Bookmakers will set their own conditions for players, accept bets, and pay those who participate according to the agreement. It not only stops at traditional bookmakers but also has developed an online version that quickly attracts a large number of betting enthusiasts.
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Not an exception, Vietnam is also a football-loving country, so football betting is extremely popular. The fact shows that online bookmakers operating in Vietnam always receive a huge amount of traffic with football betting. Therefore, this is also a concern for many people because this form of entertainment also brings many unpredictable consequences.
Is football betting a form of gambling?
Football betting is considered a form of gambling.
The law of football betting in Vietnam has stipulated that football betting is a form of gambling, specifically in point b, Clause 4, Article 1 of Resolution No. 01/2010/NQ-HDTP: "In case of gambling under the form of playing numbers, football betting, horse racing betting, etc., then one time of playing numbers, one time of football betting, one time of horse racing betting... (to be counted as one gambling time) is understood
"Subjects eligible for sports betting
The conditions for participating in sports betting in Vietnam include:
Individuals who are 21 years of age or older.
Having full civil capacity according to the law stipulated in the Vietnamese Criminal Code.
When participating in public betting, one must prove their legal right through the required documents and records.
Therefore, the law limits participation to certain eligible individuals. If you meet the above conditions, you can participate in sports betting.
Rights and responsibilities of sports bettors
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When participating in sports betting, bettors need to understand their rights and responsibilities as follows:
When winning bets, bettors have the right to withdraw their winnings from their accounts if they meet all the conditions set by the betting site.
They have the right to the highest level of personal information security, control over the security of the betting site to ensure privacy and safety.
In case the betting site shows signs of fraud, and it affects the bettors, they have the right to sue.
Bettors have the obligation to pay taxes in full accordance with the law's regulations.
They have the obligation to comply with all regulations on sports betting in Vietnam and bear full responsibility if they violate any regulations.