TABLE OF CONTENTS
The betting industry in Vietnam is experiencing rapid growth, making it an attractive venture for entrepreneurs. However, establishing a successful betting business demands a comprehensive understanding of the various factors influencing the industry.
If you are in search of a detailed guide about how to start betting business in Vietnam, this is the right blog for you. Read on and find valuable insights that will help you have a clear idea of the betting business.
If you are in search of a detailed guide about how to start betting business in Vietnam, this is the right blog for you. Read on and find valuable insights that will help you have a clear idea of the betting business.
Current Betting Landscape in Vietnam
The betting industry in Vietnam is heavily regulated but recent data tells a positive story. As per a
report, the
betting market in Vietnam was valued at $6.56 million in 2022 and is projected to grow at a CAGR of 8.37%, reaching
$9.97 million by 2027, an increase of $3.41 million over five years.
Here’s what data tells about the industry in Vietnam:
Here’s what data tells about the industry in Vietnam:
- Nearly 45% of the Vietnamese population participated in betting activities in 2022.
- Government showcasing an opening regulatory environment with the latest changes including Decree no. 06/2017.
- Around 84% of the country’s population has smartphone access, making room for betting businesses to prosper.
Reasons to Start a Sports Betting Business in Vietnam
Vietnamese betting industry is showcasing positive changes and here are some reasons you should know while learning about how to start a betting company in Vietnam:
A Thriving Market
The gambling market in Vietnam is rapidly growing with major factors including significant technological access, welcoming government initiatives, and a shift in audience behavior. By identifying and targeting the interested bettors, this opportunity can be seized by budding businesses.
Higher Participation Rates
Surveys reveal that nearly half of the country’s population takes an interest in online gambling and betting activities. With enthusiastic bettors by their side, the sports betting business in Vietnam has a promising future.
Country’s Location and Foreign Tourism
Vietnam’s strategic location allows it to attract tourists from countries like China, South Korea, and Japan. If well-versed with legal requirement for betting Vietnam, a business can attract both domestic and international bookies.
Welcoming Regulatory Developments
The gradual liberalization of gambling laws in Vietnam opens doors for bookie businesses to take advantage of the growing marketing with shifting regulations. Additional insights can be gained from legal experts discussing how to start betting business in Vietnam.
Historical Sports Culture
As a country backed by a strong sports culture, Vietnamese take an interest in globally popular sports including football, wrestling, badminton, and many others. This is an appealing situation for a company willing to establish a betting business.
Untapped Market
Vietnam is a betting market with changing regulations and has not been explored in comparison to other countries. This allows businesses to utilize the benefits of early entry and establish a brand name for the sportsbook software.
Prominent Considerations on How to Start a Betting Company in Vietnam
When learning about betting business in Vietnam, the list of prominent considerations includes the following:
Legal and Regulatory Framework
Betting businesses in Vietnam are highly regulated and it is important to have a thorough understanding of all the necessary regulations. Having a legal expert by yourself ensures your company adheres to all the licensing requirements.
Target Market Identification
For establishing a successful betting business, having a clear understanding of the target audience is a must. For instance, it's important to know what kind of betting caters to the audience, it can be related to a specific sport or multiple, with each set of audiences having different preferences.
Technological Specifications
Bettors are driven by scalable sportsbook platforms offering updates like real-time betting, in-play betting, and live streaming. Your platform must offer a customized experience to the audience, offering them a betting experience not found elsewhere.
Flexible Payment Methods
Provide bookies with a diverse range of payment options including cryptocurrencies, local bank transfers, wallets and various payment gateways. Also, integrate global payment systems for international bookies having the privilege to deal in their favorable currency.
Cultural Customization and Language Assistance
When focusing on how to start betting business in Vietnam, ensure that your platform includes content in English as well as Vietnamese. Offering content in local as well as international languages makes betting inclusive for all enthusiastic bettors, irrespective of the language they understand.
Promotion and Branding Plans
Having a promising sportsbook platform is not enough, it's also important to have a promotional plan to establish a brand name. This includes strategic marketing activities, affiliate programs, and offers appealing to the target audiences.
Risk and Fraud Prevention
A secure betting platform equals a preferred betting platform. To have a successful betting business in Vietnam, consider Know Your Customer (KYC), Two-factor and multi-factor authentication (2FA/MFA) in your security framework. You can also use AI-powered tools that identify potential threats and security breaches. Additionally, implementing robust Anti-Money Laundering (AML) measures is essential to ensure compliance and combat illegal transactions.
Customer Support and Communication
Having round-the-clock customer support helps audiences establish a trustworthy relationship with the platform. To communicate effectively, connect with your audience via live chats, calls, and emails.
Partnership and Network Expansion
Local agents, affiliates, and sports organizations have data and insights to establish a stronger base for attracting a target audience. Also, network expansion fuels business growth and adds to the credibility of the bookie platform.
Budgeting Strategy and Expansion
Have a budget that covers software or platform development, marketing, expansion, and other operational expenses. Having a well-planned budget maximizes the return on investment and supports the expansion plans.
How to Start Betting Business in Vietnam: Process to be Followed
Here’s the process that can help you in establishing a betting business in Vietnam:
Understanding Associated Regulations
Thoroughly analyze the legal requirements related to betting businesses in Vietnam. This also includes having information about the jurisdictional norms, special regulations, and recent developments affecting the industrial norms. Having a strong understanding of this answers all your queries related to how to open a betting company in Vietnam.
Identifying The Business Model
There are multiple betting software solutions including white-label, turnkey, or bespoke, each having their advantages. Identifying business objectives and finalizing the most suited solution that multiplies profits and supports business expansion.
Finalizing Premium Betting Software Providers
Having a premium betting software provider offering odds from reliable providers along with back-office support, CRM, and risk mitigation plans is important for the betting business. Also, the software provider should have a good understanding of the unique business needs.
Establishing A Secure Payment System
Betting businesses need secure payment systems supporting both local and international currencies, making room for seamless transactions. This also helps a diverse audience in making a bet of their interest, with hassle-free payment systems.
Developing Marketing and Retention Strategy
The last step in the process is identifying a marketing and retention strategy involving bonuses, offers, and loyalty programs, crafted from data based on CRM tools. This also includes initiatives for engaging customers and offering them lucrative deals to stay with the betting platform.
Choosing the Right Betting Software Provider in Vietnam
Once you are well-versed in the steps and considerations of establishing a betting business in Vietnam, it’s time to choose the right betting software provider.
Here’s what you need to look for when selecting a bookie software provider for your business:
Regional Regulatory Compliance
Ensure that the providers adhere to all the regional betting regulations of Vietnam. Adherence to compliance minimizes legal hurdles during platform launch and also adds to customer trust.
A Tailored Approach
A tailored sportsbook software approach ensures customized solutions that align with your business needs, offering seamless user experiences, and advanced betting features. Providing an interface that matches the preferences of your target audience to drive engagement and success.
Holistic Offerings and Scalability
An ideal sportsbook platform should feature live odds management, in-play betting, 24/7 customer support, analytical tools, and audience-attracting bonuses while ensuring scalability to support multiple sports, domains, and market adaptability.
Updated Security Features
Betting platforms have lots of sensitive customer data and transaction details that need to be safeguarded from breaches. Having a platform that initiates necessary security measures along with fraud detection and management solutions is worth considering.
Cost Transparency and Seamless Integration
Cost transparency and seamless integration are non-negotiable when choosing a betting software provider. No hidden or additional costs help establish a clear picture of the business goals. Seamless third-party integrations benefit your business by streamlining operations, and payment solutions by ensuring smooth and reliable transactions.
User-Friendly Interface
Both operators and bettors need a platform that is easily accessible and enhances their experience. Having one such interface is crucial for budding betting markets including Vietnam.
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Sports Betting Platform Variations and Which One to Choose
Establishing a successful sports betting business in Vietnam requires a clear understanding of the different types of betting platforms. The list below can help you in understanding about the types of betting platforms provided and which one to finalize as per your business needs.
- Software Solutions
- Benefits Offered
- Suitable For
- Turnkey Betting Software
- Cost-effective solution driving quick market penetration
- Easier business expansion and management
- Constant updates and continuous technical support
- Budding betting businesses looking for pre-built platforms.
- White Label Betting Software
- Ready-made platform with license assistance
- Budget-friendly brand expansion
- Quick deployment and marketing support
- An optimized platform for betting businesses not willing to be involved in software development complexities.
- Bespoke or Custom Betting Software
- A tailored platform for scalability and branding
- Personalized features serving unique betting business requirements
- Better control over compliances and security features
- Seasoned businesses aiming to stand out with a betting platform showcasing exceptional features.
Looking For A Promising Sports Betting Software Provider In Vietnam?
Top 5 Sports Betting Software Providers in Vietnam
When researching about sports betting business in Vietnam, knowing a top betting software provider can be of great help. To make it easier for you, we have a list of the top 5 betting platform providers leading in the industry.
- Betting Software Providers
- Estd. Year
- GammaStack
- DataArt
- Sports Betting Solution Asia
- Altenar
- SDLC Corp
- 2012
- 1997
- 2018
- 2011
- 2016
GammaStack
Gammastack stands out as one of the premiere sports betting software providers in Vietnam. With 13 years of industry experience and a team of 500+ seasoned professionals, the list of solutions offered includes the following:
- Turnkey Sportsbook Solution
- White-label Sportsbook Solution
- Bespoke Sports Betting Solution
- Poker
- Sweepstakes Casino Software
- Lottery
- Slot Game Development
- Online Casinos
- Live Casinos
- And more!
The platform offers seamless 3rd-party integration, customized features, licensing and marketing support, and cross-platform compatibility for a unique gaming experience.
DataArt
DataArt is a worldwide software company that creates cloud-based sports betting and gaming solutions. Their goal is to improve efficiency, grow into new markets, gain a tech edge, and respond to customers. They also offer custom software development, integrations, and security checks.
Sports Betting Solution Asia
A growing name among the white-label gaming providers in the Vietnamese gambling market, the company offers numerous gambling products, including online slot games, live casino platforms, sports betting systems and lottery solutions. Their sportsbook pay-per-head services offer a free trial, driving unique client experience and affordability.
Altenar
Altenar is one of the best providers of sports betting software and has high-quality solutions to offer to licensed operators from all over the world. Altenar is very flexible and can make personalized services adapt to new markets that increases the level of trust between an operator and a supplier. Among them are the sportbook module, turnkey sportsbook, retail solution, and white label iGaming business solution.
SDLC Corp
One of the leading betting software platform providers, the SDLC Corp offers customized sports betting and gambling application services in Vietnam. Their end-to-end services come with operational excellence and boost profitability.
Future of Sports Betting in Vietnam
The future of sports betting in Vietnam appears promising, driven by regulatory changes, growing interest of new generations in sports betting and technological advancements. With a strong tourist base due to growing tourism and sports culture, the market offers opportunities for betting businesses to grow and boost revenue. To succeed, betting platforms must provide a unique and secure experience for users.
Set Up a Betting Business in Vietnam with Gammastack
Gammastack, a leading name among the betting software providers delivers exceptional results with 13 years of industry
experience and a team of over 500 seasoned developers and professionals. With a perfect blend of quality and innovation,
here’s what the platform offers:
- Robust back office, PAM, CMS & CRM
- Diverse games portfolio
- Real-time data integration
- Certified 3rd party integrations
- 24*7 customer support
- Advanced security measures
- Customized sportsbook solutions
- Pre-live and live betting
- On-going maintenance
- Post-launch support
- Marketing assistance
By joining hands with experienced sportsbook platform providers like Gammastack, you can find all the solutions related to how to start betting business in Vietnam. Ensure seamless operations and long-term success in Vietnam’s rapidly evolving betting industry.
FAQS on How to Start Betting Business in Vietnam
Betting is largely restricted in Vietnam. However, under strict regulations and liberalization of laws, the sports betting industry is expanding in the country. If planning to start a betting business in Vietnam, it is better to have a legal expert who is well versed with the local laws and other legal requirement for betting Vietnam.
The cost of starting a betting company in Vietnam depends on multiple factors including the
following:
- Licensing fees for sports betting
- Sports data integration costs
- Compliance with betting laws
- Partnerships with teams or leagues
- Development of live betting features
- Risk management for sports events
- Advertising on sports platforms
- Sponsorship deals with sports entities
To get the exact quote, send a mail at [email protected].
The prominent challenges associated with the betting business in Vietnam include a strict regulatory environment, fraud management, and securing an audience base for the betting application.
Gammastack is one of the leading sports betting software providers in Vietnam. With 600+ successful projects and more than 45 brand recalls, the platform delivers cutting-edge technology and innovative features designed to enhance user experience and maximize betting opportunities.
In Vietnam, key requirements include obtaining an investment registration certificate and a certificate of eligibility for the betting business, alongside minimum capital thresholds. Compliance with age restrictions and operational regulations is also mandatory.
References
-
https://www.vietnam-briefing.com/news/vietnam-legalizes-sports-betting.html/#:~:text=Last%20year%2C%20the%20governmen
t%20issued,firms%20involved%20in%20betting%20activities. -
https://www.statista.com/outlook/dmo/app/games/casino-games/vietnam#:~
:text=The%20projected%20total%20revenue%20in,US%249.97m%20by%202027.
-
https://www.vietnam-briefing.com/news/vietnam-legalizes-sports-betting.html/#:~:text=Last%20year%2C%20the%20governme
nt%20issued,firms%20involved%20in%20betting%20activities. -
https://www.statista.com/outlook/dmo/app/games
/casino-games/vietnam#:~:text=The%20projected%20to
tal%20revenue%20in,US%249.97m%20by%202027.
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