Ministry of Finance asserted not granting business license for international football betting

Illustration image. Source: Internet

In a press release issued on May 22, the Ministry of Finance said according to the Decree No. 06/2017/ND-CP of the Government dated January 24, 2017 on the business of betting on horse racing, greyhound racing and international soccer, betting is a prize-winning entertainment game where participants make predictions about the outcomes of sports and entertainment events.

Also in this decree, the Government only allows running business for three types of betting including horse racing, greyhound racing and pilot international football betting.

At the same time, the decree also stipulated that betting business is a conditional business activity, which is not encouraged to develop and is strictly controlled by State management authorities; only enterprises that are granted the certificate of eligibility for operating business on football betting will be allowed to operate betting businesses. Online betting businesses are strictly prohibited.

For activities of international football betting, Decree 06 allowed an enterprise to pilot international football betting business for a period of five years.

The Ministry of Finance worked with concerned ministries and sectors to organise the bidding to select enterprises for conducting a pilot of international football betting business by applying the provisions of the Bidding Law.

In the process of developing a plan of selecting enterprises for piloting international football betting businesses, it has araising legal problems, therefore, the Ministry of Finance has reported to a higher authority on the amendment and supplement of regulations at the Decree No. 06/2017/ND-CP. Up to now, the Ministry of Finance has not organised bidding to select enterprises to pilot international soccer betting business.

The granting of certificate of eligibility for operating business on horse racing and greyhound betting is processed in two steps.

First of all, the Prime Minister approved the investment policy of horse racing and greyhound betting business projects. Conditions for the granting of investment registration certificates for horse/greyhound betting business projects include: Locations for investment in construction of horse and greyhound racecourse must conform to socio-economic development planning of the locality where a racecourse is built; minimum investment capital is VND 1,000 billion (for horse racing betting) and VND 300 billion (for betting on dog racing); having investment plans, feasible betting business plans and commitment to supporting the community.

Based on the approval of the Prime Minister on investment policies, enterprises shall take responsibility for investing complying with the provisions of law.

Before organising a business of betting on horse racing, greyhound racing, enterprises that are granted investment registration certificates must be granted a certificate of eligibility for operating betting business.

Conditions for being granted a certificate of eligibility for operating betting business on horse racing and greyhound racing include having completed the investment in building a horse/greyhound racecourse; fully equipped technology systems, technical equipment, betting business software; having a feasible plan on betting business in accordance with law.

The Ministry of Finance is reviewing the dossier of the Sport and Entertainment Service Joint Stock Company on requesting a certificate of eligibility for operating betting business of greyhound racing, which has been approved by the State management authority to organise greyhound racing with prizes at Lam Son Stadium (Vung Tau City, Ba Ria - Vung Tau Province) before Decree No. 06 takes effect.

Based on the above regulations, no enterprise has been granted a license to pilot an international football betting business.