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Vietnam Busts $26M Online Gambling Ring

Online Gambling Ring Vietnamese police have estimated that this particular betting ring, which was using a Philippines’ based gaming company, has netted $26 million from Vietnamese players since 2017. At the time of the arrests, police seized a total of $13,000 in cash, as well as phones and computers. The online gambling website, 12bet, has been in operation since 2007, and police estimate thousands of players have visit-ed the website since 2017. The site exchanges online currency for virtual currency, and then pays out winnings using online currency by placing the currency back in the winners’ accounts. This most recent bust highlights a series of problems in Vietnam with regard to gambling. First, the government does not have exact laws regarding gambling at casinos. While citizens are not allowed to gamble, people who have dual citizenship or passports from other countries are able to use those passports to gamble. Often, Vietnamese citizens get foreign passports in order to gamble, which makes the law obsolete. In addition, Vietnam is facing a tide of legal casino gambling and other forms of gambling in neighbor-ing countries. Their citizens are able to cross borders and gamble, and Vietnam does not receive any of the revenue. Vietnam is also facing a growing online and mobile gaming threat from surrounding countries, as technology continues to evolve that allows anyone to go online to place sports bets.

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