Vietnam needs gambling industry if it wants to undo the financial damage caused by the coronavirus. If the country legalizes sports betting, it can earn billions of dollars that it can use to improve tourism after the pandemic.
That was one of the topics tackled by government ministers, economic experts, and representatives from the gambling industry. Although gambling is illegal in the country, the Ministry of Finance is drafting an amendment that will allow betting on international football, greyhound races, and horse races.
The government can use the revenue from sports betting to fund the country’s recovery programs post-coronavirus. Also, attendees of the seminar estimated that tax on gambling revenue would be enough to fund tourism projects.
Vietnam Needs Gambling Industry
Pay per head experts said that Vietnam should create policies that will attract investors in the casino industry. That way, it will help bring more tourists to the country. The country’s National Administration of Tourism estimated that the average spending of international tourists would increase to around $1,000 to $1,500 from the current average of $400 to $600 a visit. If that happens, the revenue from international tourists will increase by $8 billion to $15 billion annually.
Based on sportsbook pay per head reports, Vietnam has the potential of hosting high-value entertainment. At present, 80 percent of international tourists are from other Asian countries. Also, they enjoy gambling.
With more gambling options, tourists would stay longer. As a result, the local hospitality industry will benefit, as well. The Ministry of Finance is thinking of having a value-added tax on gambling services. Also, it wants to impose a ten to 30 percent individual consumption tax on the industry.
With high tax rates, investors might not want to learn how to be a bookie in Vietnam. Even if the government legalizes gambling, it would be hard to attract investors with high taxes.