Why Vietnam wants to bet on casinos
In a bid to lure literally billions of dollars from major gambling investment firms, the Vietnamese government is considering legalizing domestic casinos in their country. Indeed, the Vietnamese government has already put quite a bit of research into the question of legalized gambling, including a pilot project to allow gamblers to legally gamble at a casino near China.
There can be no denying that when it comes to gambling the Vietnamese are quite passionate, but they’re also limited to underground bookies and clandestine card games as the few casinos that actually operate in their country are strictly forbidden to them and used by foreigners only.
Major gaming companies like the Las Vegas Sands, Penn National Gaming, Nagacorp and GentingBhd are already eyeing the country as an attractive destination should the government decide to allow its citizens to finally take part in legalized gambling and maybe even online sports betting using m88 vao or sbobet.
Aside from the fact that Vietnam has an excellent location and demographics, it’s also just hours from several Asian capitals and within easy reach of China and their plethora of wealthy gamblers. In fact, the Chinese actually provide the lion’s share of gaming revenue in most Asian countries.
One of their best demographic is that, of the 90 million people in Vietnam, fully two thirds of them are under the age of 30 and their middle class is expected to double by the year 2020. That’s a lot of young people to cater to and the Vietnamese government, as well as the major gaming companies, know this full well..
VIETNAM A CASINO HUB
If Vietnam does loosen its gambling laws it could very well become a regional casino hub in Asia with a $3 billion a year annual gambling revenue potential. While that’s only about half of the revenue that Singapore will make this year, it’s 10 times that of Cambodia and about equal to both the Philippines and South Korea.
That extra revenue would be a tremendous and welcome boost to the Vietnamese economy. Although an emerging star in the Asian market, Vietnam has been underperforming of late due to a high level of bad debt that has hurt the retail sector as well as high competition from foreign markets.
One of the biggest reasons that the country is considering legalizing gambling however is this; billions of dollars are leaving their country every year as gamblers go to neighboring Cambodia, and other Asian countries that have legalized casinos, to enjoy their favorite gambling pastimes.
The Vietnamese government, understandably, would like to keep that money inside their own country.