The Ministry of Finance solicits comments on the draft Decree on horse racing, dog racing and international football betting business, replacing Decree 06/2017/ND-CP issued 8 years ago.
Accordingly, this agency submitted to the Government the maximum bet per day, instead of according to the product. Players can bet on international football up to 10 million VND per day, instead of 1 million VND per product as at present. The minimum bet is still at 10,000 VND.
From the perspective of state management and security and order, Lieutenant Colonel Dao Trung Hieu - Doctor of Criminalology has had specific analysis.
"If the maximum daily rate is applied instead of each product, the state can easily track the total cash flow fluctuations in player accounts, detecting unusual "puts" compared to the trading history. This makes it easier to detect risks or excessive betting behavior.
When limited by product, players and organizations can 'divid' betting through many products to exceed the desired total bet. Setting a date limit will make this method of dividing pieces less effective - that is, limiting the spread to avoid control", said Lieutenant Colonel Dao Trung Hieu.
He also emphasized: "As the press has stated, a match can have 10-15 betting products (score, yellow card, corner kick...). If each product is still subject to its own limit, the maximum bet for a match can be huge, beyond control. Limiting the total to 10 million VND/day will be a more appropriate way to 'tailor'.
According to the Ministry of Finance, the goal is to limit players from being too invested in, avoiding the situation of sinking deeper into betting. If the daily bet level is strictly regulated, it can somewhat reduce maximum deposits on the same day, reducing the risk of personal losses".
However, the ceiling of 10 million VND/day also poses certain challenges and risks, especially in terms of society.
According to Mr. Hieu, the figure of 10 million VND/day for people with average incomes can be a " enough" figure that makes many people easily tempted, leading to loss of control. Without accompanying measures to monitor behavior, this level can still lead to excess betting.
If players feel that the official regulation is too low compared to their betting expectations, they can go to "illegal houses", international betting exchanges not under the control of Vietnam - something that the State finds it difficult to completely control.
"To effectively implement the daily limitation, the State needs a real-time transaction monitoring system, big data analysis, and unusual transaction detection - requiring high technology, human resources, and operating costs.
The expansion of betting limits creates pressure from interest groups (betting businesses) demanding further and from society on ethical management, preventing social damage from betting.
Players can create multiple accounts, use intermediaries, cross- transfers to bypass the date limit. If the identification and monitoring system is not strict, the limit can easily break down," Lieutenant Colonel Trung Hieu analyzed.
Lieutenant Colonel Dao Trung Hieu also warned of many consequences if the management is not good. Deficiency can lead to overspending beyond personal financial capacity, bankruptcy, debt and cause cracks in the family. Many players who fail will fall into depression, psychological stress, and even commit suicide.
In addition, betting with large sums of money is a channel for money laundering or concealing illegal cash flow. Betting organizations (legal or not) can be taken advantage of to conceal black money, transferring "dirty money" into the official system.
Advertising for betting and easy-to-reach betting can normalise gambling behavior in society, especially negatively affecting young people or those with weak tendencies. Betting can lead to other evils such as fights due to losing money, black credit, hot loans, prostitution, theft to pay off betting debts.
Another problem that may occur is the loss of capital in the formal economic system if many betting moves internationally. If players do not use a legal platform but seek an international platform, money will flow abroad, the State will not collect taxes, the domestic economy will not benefit.
In this context, Lieutenant Colonel - Dr. Dao Trung Hieu proposed measures such as: Monitoring financial transactions, coordinating with banks and technology (establishing an unusual transaction warning system, requiring strict identification, ensuring that betting accounts are linked to bank accounts or e-wallets under bank management...)
detecting and tracing acts of circumvention, creating fake and intermediary accounts (coordinating between police, currency management agencies and betting businesses to compare data; matching personal ID data, access device information, IP, network devices to detect "ghost" and fake accounts...)
Strictly handle violations and deter (regulations on severe penalties for law evasion, organizing illegal betting, money laundering through betting; confiscating assets, blocking violating accounts; having an international coordination mechanism to trace cross-border accounts and cash flow...)
Education, community warnings and services to support players at risk (organize communication campaigns to warn of risks, encourage responsible play; require businesses to be responsible for providing tools for " self-locking accounts", "restricting spending"; cooperate with social organizations to support people at high risk).
Control advertising and communication ( prohibit advertising in forms of encouragement, showing off big wins; control advertising content, limit attracting vulnerable people).
International cooperation and information sharing (working with countries and international organizations to track cross-border cash flow, locking international accounts in violation...).
In conclusion, Lieutenant Colonel - Dr. Dao Trung Hieu said: "If implemented synchronously, combining technology, law, human resources and international cooperation, then allowing international betting with reasonable limits is a feasible option. But if implementation is superficial and lacks supervision, the risk will far exceed the benefits".
This is a problem that is not only financial but also a matter of social security and safety, requiring extremely strict and professional management.
