1 India
With a population of almost 1.4 billion India offers massive potential and the government is looking into changing
gambling rules. Te gambling industry in India is regulated by each state and more loosely on a national level. In 2016, India's Supreme Court asked the
country’s Law Commission to look into decriminalising sports betting including cricket which is hugely popular.
Te commission concluded that
regulating a legalised industry would "effectively curb the menace of black- money generation". Sports betting would also create jobs, and generate
significant tax revenue which could be used to augment infrastructure for other sports and tourist facilities. However as it is an advisory body, it
will be up to the Parliament and state legislators to decide and the topic has yet to be put forward for a debate.
For now horse racing is the only activity on which betting is allowed in India but sports betting is legal in a very small number of regions where it is legal to bet on virtual reality games and fantasy sports. Both are driving sports betting popularity. A number of high profile cricket match fixing scandals is also driving for calls for more stringent regulation.
Before the Law Commissions reports, two committees were set up by the
Supreme Court of India: the Mudgal Committee argued that regulation
would reduce money laundering and organised crime while the Lodha Committee recommended the
legalisation of betting with strong measures in place to regulate the industry. Te Law Commission suggests reforming the existing gambling market and the introduction of measures that
would mean that betting should only be offered by Indian licensed operators
who have obtained valid licences from the game licensing authority.
2 Vietnam Gambling is very popular in Vietnam
with the Vietnamese spending around US$3bn a year on lotteries and US$1bn on gambling overseas. With a
population of nearly 100 million and increasing incomes Viet Nam offers great potential but sports betting expansion could be slow.
Vietnam's one-party state has started loosening its rules on casino gambling, allowing its citizens to bet in casinos and opening up some sports betting as well. In 2017, the government
announced that it would allow locals to enter a selected number of casinos paving the way for more investment.
In June just before the beginning of the World Cup 2018 the government also passed a bill legalising sports betting. Locals are now allowed to bet on football matches but only on those
leagues and football events that are on a list approved by the sports authority. For now the government only allows betting on international football games recognised by FIFA, which will
inevitably limit the profitability of any operators wishing to get on board. Te expansion of land based sports betting
to begin with will be limited and just one operator will be granted a licence to operate a single license for five years as
part of a pilot program. Foreign investors will be allowed to take part.
Revenue generated by the newly
regulated industry will be used for the state budget and to help develop local sports as well. However the passage of the sports betting bill has led to
significant interest in the building of horse race tracks and the passage of a new horse racing bill with foreign
investors eager to build racecourses in Vietnam.
According to the new law covering the industry the charter capital requirement stand at at $44.2m, while for greyhound racing it stands at $13.2m. Offers will be accepted in a similar way to the newly liberalised sports betting industry i.e. via a bidding process.
In October Hanoi granted the
investment license for the construction of a $500m racetrack complex in Soc Son in Hanoi. Investors, Hanoi Tourist Corporation and South Korea’s Global
Consultant Network Company, estimate the project will cost around US$420m. Te project was first announced in November 2018. Meanwhile South Korea’s Golden Horse said that the
company plans to set up a subsidiary to build a racecourse as part of a $500m investment in the northern province of Bac Ninh. Golden Horse had first proposed the plan to Bac Ninh in 2017.
G.O.Max I&D Company (also based in South Korea) in 2016 said it was hoping to invest in a horse racing and
entertainment complex in the province of Vinh Phuc at an estimated cost of $1.5 billion. Seventy betting points will be set up in 54 cities and provinces around the country, as well as an online betting system as part of the investment.
However last year the company said that the proposal to develop a large-
scale horse racecourse in Hanoi, close to its own racetrack in Vinh Phuc, put the project in doubt.
3 Uzbekistan
Uzbekistan is implementing a number of important economic reforms
including significant cuts to tax rates for both firms and individuals. GDP is
expected to grow by 1.5 percent in 2020. Despite the outbreak of COVID-19 Uzbekistan’s economic growth is expected to expand at 6.5 percent in
2021. Uzbekistan is Central Asia’s most populous country and comprises nearly half the region’s total population. With a population of 33 million there is significant room for expansion.
President Shavkat Mirziyoyev signed a decree in December which gives the
country the green light to offer sports betting in 2021. Revenue generated by the industry will be used to help to
develop sports and football in particular. Te new laws will allow for both land- based bookmakers and online gaming. Betting firms will be required to obtain a license from the Capital Market Development Agency.
However a number of details of the bill are yet to be announced. Tere is still doubt over the question of whether the government will allow foreign bookmakers or will establish a monopoly of bookmakers made up from local companies.
P56 NEWSWIRE / INTERACTIVE / MARKET DATA
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