Asia
Football Betting Business in Vietnam Mandates Bidding Process
The international football betting business project will be required to conduct a bidding process to select investors, according to a recently issued government decree. Decree 23/2024 issued by the Government outlines the necessity of conducting bidding processes to select investors in accordance with the Bidding Law.
As per this decree, investors must participate in a bidding process if they intend to operate international football betting activities in Vietnam. In addition, projects related to investment in horse and dog racing, including betting activities, are also subject to bidding when two or more investors express interest.
This regulation is reiterated in Decree 06, which addresses the business of betting on horse racing, dog racing and international football, issued in 2017. At that time, the government allowed a pilot business to operate international football betting through a bidding process.
As of now, no business has been granted permission to pilot such ventures. Last year, a representative of a lottery business stated in their development strategy until 2025 that they plan to launch international football betting activities in compliance with the law.
Towards the end of 2021, the Ministry of Finance proposed amendments to Decree 06, introducing new points such as permitting betting on European national football championships and allowing players to purchase betting tickets online.
During that period, the Ministry of Finance also submitted to the government proposed changes to two conditions for investors. First, investors must have a minimum capital investment of VND1 trillion ($40.5 million), with the ownership ratio of all foreign investors not exceeding 50%. Additionally, companies must commit to contributing to the state budget a minimum of 5% of betting revenue in cash (excluding taxes).
However, this new decree has yet to be issued, which poses a challenge to the regulators in selecting pilot businesses.
Every year, law enforcement agencies uncover and prosecute illegal football betting rings that bet billions of Vietnamese dong on football matches around the world. Advertisements for online betting websites with names such as FB88, Fi88, Bet88 and others, flood the internet.
The illegal football betting market in Vietnam is estimated to be worth tens of billions of USD a year, yet the state struggles to control the flow of money and collect taxes.
Many foreign investors have expressed interest in the international football betting business in Vietnam. Several countries around the world have legalised this form of betting.
Analysts suggest that to attract investors in the betting sector, the Government needs a stringent and appropriate regulatory framework. This would provide citizens with a legal rather than an illegal option for their pastimes. In turn, the state budget would benefit from tax and fee revenue from betting activities.
Asia
BETBY Press Release for Publication
Betby, a premium sportsbook supplier, will be restoring its busy routine of travelling to international expos with its team of experts attending SiGMA Asia, in Manila, on June 3-5.
Considered as one of the biggest igaming gatherings in the Asian part of the world, Betby will be showcasing its premium sportsbook solution and products, including its proprietary Betby Games esports feed, and AI-based sportsbook tools under the umbrella of “AI Labs”.
Kirill Nekrasov, Head of Betby Games, will also be joining a panel of leading experts discussing in detail the growth of the eSports market. Together with his peers Nekrasov will also be discussing the inclusion of eSports in major sporting events, how it aids the diversification of revenue streams for operators and the potential implications for gambling sectors.
Betby will be showcasing its products alongside its ground-breaking solution for the Asian continent on June 3-5 welcoming all visitors at Stand B804.
The post BETBY Press Release for Publication appeared first on European Gaming Industry News.
Asia
QTech Games hosts SiGMA Asia Invitational Charity Golf Day; support local orphanages in Philippines
QTech Games and Song88, two powerhouses of the emerging markets and Asia-facing landscape, have renewed their support for the SiGMA Asia Invitational Golf Day, a popular charity event that kick-starts the influential iGaming summit which runs from 3-5 June in Manila.
Having hosted the inaugural event last year to universal acclaim, this golf day not only lifts the curtain on one of the sector’s best-attended C-Suite conferences, but also raises vital funds for a broad spectrum of good local causes throughout the Philippines at a challenging economic time.
In 2023, The event donated over $20,000 (1million PHP) through the SiGMA Foundation to help people in need – and could not have been done without the support of renowned suppliers like Aviatrix, Blueprint Gaming, Continent 8, Naga Games, Dragoon Soft and Habanero, who came together with QTech Games and Song88 to raise the much-needed monies. Now, QTech Games and Song88, alongside their partners, are aiming to match and surpass that total for the SiGMA Foundation at this year’s renewal, which will again be held on the opening morning of SiGMA Asia at the magnificent Club Intramuros Golf Course, where jaw-dropping cityscape views intersect with a stunning layout which is carved out around the historic ancient walls of Manila.
In recent months, QTech Games’ videography team has visited the Jose Depiro Formation Center, run by the inspirational missionary priest Joseph Cremona, who is doing such great work to deliver health, housing and education for local low or no-income families and their children. As chronicled in this short video, last year’s funds have already been put towards building two new houses as part of an effort to improve local accommodation and create a hub where its beneficiaries can find security, schooling and an environment in which they can thrive. As part of this ongoing charitable initiative, monies have also been donated to extend an existing concert hall and provide quality new instruments with which promising young musicians can help foster an inspirational and cohesive community for the future.
The golf day will again be organized and held in partnership with Song88, the rising-star sportsbook taking the Far East by storm with a wide variety of sports, exciting player-orientated markets and the latest betting features. Song88 has quickly become one of Asia’s most popular new sportsbooks, painstakingly designed for the demands of Asian customers.
For its part, QTech Games continues to lead the way across developing territories worldwide, thanks to its ever-expanding reach, proprietary gaming tools and services, 24/7 support, and advanced AI technology which combine to bolster its partners’ offerings and elevate the customer experience. QTech Games is setting the gold standard, redefining the future of the online casino industry, with effortless distribution from its definitive one-stop-shop approach for online casino operators, underscored by 80+ providers, over 5,000 casino games and 1,000+ live tables, and counting.
Priest Joseph Cremona said: “We initially set up a music school to help children who would otherwise be idle on the roads, helping to give them a direction in life and develop their talents. Now, though, with the help of the SiGMA Foundation, we are doing so much more in the local community and it’s fantastic to see QTech Games and Song88 taking a real interest beyond their helpful donation and pledging to do more again this year. I am of the mindset that you give the rod, not the fish. No-one here wants to live on handouts, they only want the tools and the chance to work their own way out of poverty and provide a better, more sustainable future for current and coming generations.”
The leadership team at QTech Games and Song88 commented: “We’re really looking forward to welcoming friends old and new back to our charity golf day which, of course, doubles as a fantastic networking event and an important platform for local children’s causes. It’s a fun and relaxed way to start the show for our partners and peers, and we plan to hold more of these clubbable get-togethers at forthcoming industry summits.”
“Priest Joseph has been an inspirational figure here over the past 20 years, and our shared vision is to establish a safe sanctuary that promotes health and education to define more promising pathways for local children’s futures. We will continue to work in lockstep with SiGMA and Song88 to create a closer connection around similar charitable efforts which combine business with the pleasure of giving. This industry Invitational always pays fitting testimony to the spirit and camaraderie of the iGaming sector.”
SiGMA Asia added: “Asia’s iGaming pulse beats fastest in Manila. And this June we’re gathering the best in business: from decision-making government officials to an impressive C-suite of industry heavyweights and even some celebrity influencers. SiGMA Asia is leading the charge for change – and charitable projects like this golf day are just the start of how we are returning value to the local communities in which we operate.”
The post QTech Games hosts SiGMA Asia Invitational Charity Golf Day; support local orphanages in Philippines appeared first on European Gaming Industry News.
Asia
Key Market Entry at a floor price of $4.5 Million, Casino.jp is on the Market Amid Japan’s iGaming Expansion.
In an unprecedented move within the iGaming and domain sectors, the sought-after domain name Casino.jp is now open for acquisition for the first time. With a starting price of $4.5 million USD, this domain represents a rare entry point into Japan’s burgeoning gambling market, facilitated by an enterprise-oriented domain brokerage, Domainer.com.
Japan, with its complex gambling laws, is on the brink of a gaming revolution, highlighted by the 2023 approval of the $8.1 Billion casino-centred integrated resort in Osaka. Set to open in 2029, it is a collaboration between MGM Resorts and Orix, as reported by Reuters. This venture is rekindling interest among major operators and investors, eager to explore the untapped Japanese market.
The Catalyst Behind the Buzz
Why should the iGaming and domain communities take notice? For starters, the anticipated opening of the Osaka Resort in 2029 is set to shake up the Asian gambling landscape, currently dominated by Macau. With Macau generating over $22.7 billion USD in 2023 alone, the new resort poses a formidable challenge, promising to divert significant revenue streams with its projected annual earnings of $3.5 billion USD, almost half of that reported by Las Vegas entirely in 2023.
Domain Names: The Gateway to Industry Dominance
The value of premium gambling domain names cannot be overstated, having commanded staggering sums in the past. Icons like Slots.com and Casino.com were sold, in 2010 and 2003 respectively, for as much as $5.5 million USD each, underscoring the critical role of a powerful domain in establishing market presence. “Choosing the right domain is the first step in making a bold market entry,” states Ian Garner Chief Domain Officer of Domainer.com, emphasizing the importance of domains in branding and market visibility. Domainer.com’s recent $15 million USD brokerage of a deal for NFTS.com further illustrates the high stakes involved in domain trading.
Navigating Japan’s Gambling Regulations
While Japan’s gambling laws are currently restrictive, the government is progressively legalizing new forms of betting, including sports-related activities like horse races, boat races, and indoor cycling. However, the online gambling scene remains tightly controlled, with the anticipated legalization in some sectors sparking a significant potential for growth. As regulations evolve, early investment in a domain like Casino.jp could position an entity advantageously, ready to capitalize as the market opens further.
In Conclusion:
Casino.jp is more than a domain—it’s a key to unlocking Japan’s lucrative, yet tightly regulated gambling industry. This is a strategic call to entities poised to establish a foothold in a market on the cusp of substantial regulatory changes. Interested parties are encouraged to contact Ian Garner through Casino.jp’s contact page or directly via Domainer.com to explore this unparalleled investment opportunity.
The post Key Market Entry at a floor price of $4.5 Million, Casino.jp is on the Market Amid Japan’s iGaming Expansion. appeared first on European Gaming Industry News.
-
Baltics4 weeks ago
Lithuania’s Nese enters iGaming with a record sponsorship deal
-
Latest News1 week ago
The Importance of Data Quality Review Checks in the Gaming Industry
-
Asia2 weeks ago
Onlyplay Enters into Strategic Partnership with Ritchie Rabbit
-
Conferences in Europe4 weeks ago
Altenar becomes General Sponsor of EEGS 2024
-
eSports3 weeks ago
eSports in the CIS region , Q&A w/ Viktor Block, Senior Sales Manager/PandaScore
-
Compliance Updates3 weeks ago
Romania Bans Gambling Venues in Small Towns and Villages
-
Press Releases3 weeks ago
OpenBet Powers Record-Breaking 100,000+ Peak Bets per Minute at Grand National 2024
-
EurAsia3 weeks ago
The “Power Has No Gender” awards ceremony held by TotoGaming has reached a new level