GUIDING REGULATIONS ON BUSINESS OF BETTING
This is the content of the Circular No. 101/2017/TT-BTC dated October 04, 2017 of the Ministry of Finance guiding a number of articles of the Decree No. 06/2017/ND-CP on business of betting on horse racing, greyhound racing and international soccer.
Accordingly, payout is the amount of money paid by the betting enterprise to bet winners. The commission rate shall be decided by the betting enterprise and specified in the agent contract between the betting enterprise and the bet ticket agents; the betting enterprise only pays commissions to a bet ticket agent after the sales of bet tickets have been confirmed and the agent has fulfill all obligations specified in the agent contract; The betting enterprise shall withhold personal income tax payable by employees of the bet ticket agent before paying commission.
The fee for payout authorization shall be decided by the betting enterprise and shall not exceed 0.2% of the payout provided by the agent under authorization.
This Circular request suspension of the race and request a competent authority to handle the cases such as the devices and cameras serving identification of the winning horse or dog are not adequate or reliable; the time or location of the race and betting are different from announced ones; cheating is suspected; the weather or surface of the race track is not appropriate for the race….
This Circular takes effect on December 01, 2017.
