Administrative penalties on betting business
VGP - Decree 06/2017/ND-CP dated January 24, 2017 (Decree 06) stipulates the business operation management and penalties for administrative violations in regards to operating a business for betting on horse and greyhound races for piloting international soccer betting within the territory of the Socialist Republic of Viet Nam.
Question: What are regulations on betting limits, pay-out and percentage, and administrative penalties on betting business operations?
Answer:
Betting limits
Decree 06 regulates that the minimal betting limit for each instance of betting is VND 10,000; the maximum per day, per player to bet at a corporate betting organization is VND 1,000,000 per bet type.
Pay-out and percentage
The pay-out can be fixed or variable depending on revenue or the two methods combined. With respect to the fixed payment method, the pay-out percentage depends on the betting method, the pay-out percentage depends on the betting rate, provided that the proposed payment percentage is at least 65% of the ticket sale revenue of each betting type. With regard to a revenue varied payment method, the proposed pay-out percentage is at least 65% of the ticket sale revenue of each betting type.
Administrative penalties on betting business operations
Organizations and individuals related to a betting business operation, who commit any administrative violation, who commit any administrative violation, will be subject to the following penalty forms; a warning, fine, additional penalties and remedial measures depending on the nature and severity of violation. The maximum pecuniary penalty is VND 100 million applied to individual violators and VND 200 million applied to institutional violators./.
