Vietnam bursts an illegal casino who used to handle bets worth $3 billions

[Juggy777]

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them.

Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.

Sources:

https://calvinayre.com/2020/05/31/business/vietnam-biggest-ever-online-gambling-bust/

https://www.gamblingsites.com/online-casino/safe/ (Ignore those banners and links, but read those pointers)

[Tytanowy Janusz]

and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

When you start you never know if you will succeed or not and if you succeed and have millions in volumes it is sometimes too late...

I think that he didn't register casino because gambling is illegal in Vietnam:

In general, gambling is illegal in Vietnam. However, some forms of betting in Vietnam are allowed. This includes lotteries, horse racing, greyhound racing, and international football.

https://www.expatbets.com/vietnam/casino/

[eaLiTy]

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

A billion dollar bust and that too in a single illegal betting house, how many illegal casino are running around the world and looking at the figures at a single illegal casino, it might be the biggest market in the world.

Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them.

Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.

The reason they got busted is clear from the article, they used to give credit by taking their properties as collateral and that is done through their hired workers and if you are doing these kind of large scale illegal activities and on top of that take collateral then you will end up getting busted.

[20kevin20]

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them.

Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.

As far as the article says, you are only allowed to use land-based casinos in Vietnam which means that even the most reputable online casinos aren't an option. A casino that wagers $3B is going to be considered a "reputed" one by most as it handles lots of money.. similar to the way people trust exchanges based on their total volume. Most people don't check a company's history before placing money and rather do it trusting other reviews and opinions, unfortunately.

[TalkStar]

A casino that wagers $3B is going to be considered a "reputed" one by most as it handles lots of money.. similar to the way people trust exchanges based on their total volume. Most people don't check a company's history before placing money and rather do it trusting other reviews and opinions, unfortunately.

$3 billion is obviously a massive amount and i can say that some legal casinos haven’t got this type of bets handling history. Sometime people don't hesitate to trust without thinking about company's legality when a large amount of gamblers use a particular platform and face no issues. We can call that extreme popularity which influence gamblers to use the platform on a regular basis. Gambling isn’t allowed everywhere in the world and due to this reason gamblers always try to keep them activities hidden even from governments.

So in a situation like this they don't care about governments authorisation or legal papers actually where they love to follow platforms with much positive reviews. Still in many countries there is lots of online and offline casino exists which are quite popular but have no license.              

[Bitcoin_Arena]

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

Holy shit! With all those massive profits and the owners never even bothered to operate legal for a lot much less fees?
Indeed, gamblers should open their eyes and be careful on which kind of casino they are dealing with.

[Renampun]

...
Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.
...

thank you for the warning...
Gambling is no longer entertaining if you do it on an untrusted gambling site, I do not care about the number of user bonuses offered if the gambling site does not have a good history and reputation. security, calmness, and comfort when deposit fund on gambling site are my priorities.

[verita1]

This Online gambling looks like managed by a network that works underground. Vietnam is a country that is forbidden to its citizens to have activities in casinos.
From what I have read is that the Vietnamese has a single operator that allows them to place maximum daily bets of only VND1m (US $ 44).
From what I see that there is a great demand and to more restriction the clandestinity is born.

[Wexnident]

Was there anything preventing the guy from registering his casino? I mean, I'm pretty sure the agent idea they had would still be applicable even if registered. It was actually a good idea, having a concrete set of middle man that the casino controls. Plus, collaterals are also accepted which is a neat way imo. Yes, its understandable that Vietnam holds strict regulations with regards to casinos, but really, it's just the word "strict", not "banned". The government of Vietnam has strict regulations with regards to casinos but it can easily be done imo, especially one that has been running since 2018. Unless, that is, most of the casinos income actually comes from users below the age of 21, cause as far as I know, that's illegal in their country.

[Lorence.xD]

Holy shit! With all those massive profits and the owners never even bothered to operate legal for a lot much less fees?
Indeed, gamblers should open their eyes and be careful on which kind of casino they are dealing with.

The reason that the owner did not register his business is that taxation is a pain for business person, imagine the profits if the business was legal, there will be a lot of paperwork and the taxes for businesses like this is so big that it intimidates people into going legal, I do not know much about taxation so take this as a grain of salt, but I do know that when your business is not registered then you will not need to pay your taxes, as for how you are going to launder the profits, there will be different ways but I think that is also the downfall of any illegal businesses, when authorities caught wind, they will chase it like a dog and bite back and never let go. In my opinion, most players of illegal casinos know that they are playing at an illegally operated one, people will turn a blind eye when it comes to their causes, and I do not think that the casino is being illegally operated will stop these people from gambling there, if you believe otherwise then why do you think they always caught these illegal casinos with people still playing?

[Little Mouse]

I never knew that Casino business is not legal in Vietnam. However, there are some more reasons too in this case. They could save themselves too if they were smart enough.

Was there anything preventing the guy from registering his casino?

Because it's illegal in Vietnam and you can not run Casino legally. Same here in my local and last year, so called Casino Emperor Somrat was busted for that.

[michellee]

Maybe that is because the casino owner thinks that his business is not in the real-life, so he doesn't need to register and make it legal. The casino owner will use every way to still run his casino without thinking about the government.

Choosing on the reputed casinos is the solution for us to play gambling so we can prevent fraudulent online casinos. We can get that casino from here by reading many good reviews from each member.

[iamsheikhadil]

That's a dumb move by the casino owner, I think there was something fishy going on in the casino maybe they were distributing drugs to players to get them hooked more to the place or there was something worse was going on or why else would the casino owner not register the casino unless he is like a really stupid.

[mu_enrico]

Was there anything preventing the guy from registering his casino?

Because it's illegal in Vietnam and you can not run Casino legally. Same here in my local and last year, so called Casino Emperor Somrat was busted for that.

Yep, from various sources, gambling (generally) illegal there.
It doesn't make sense when they have so many revenues and didn't bother to get some license. The reason is simple, it's illegal.

[passwordnow]

Raking that profit in billions of dollars yet you can ask a permit or sort of special consideration to the government that you will be allowed to operate legally. As I have read about the ruling in Vietnam, it's illegal but there were some granted form which will be allowed them to operate.
They can settle it and negotiate with their local government so that they are not operating in shadows but, the owner didn't see that talks happen or did he tried to make it happen but to no avail.

[plvbob0070]

As they said, gambling is not legal in Vietnam, that's probably the reason why they run that online gambling site illegally because even if they want to, they can't get licensed for it. Who would even run a gambling business without a license if it's legal in their country, especially if your business is earning a lot?

Gambling is illegal in Vietnam in most cases, though foreigners are allowed to gamble at local casinos.

Last year, Vietnam said it would allow some local citizens to gamble at selected casinos on a trial basis.

This is from an article last year where Vietnam arrested 380 Chinese nationals for operating illegal gambling.

Source:

Code:

https://www.aljazeera.com/news/2019/07/vietnam-detains-400-chinese-online-gambling-bust-190729063159314.html

I think the issue here is not about gambling without knowing if the site is authorized to do so. Because if you are a local citizen from Vietnam, you would know that it's illegal, but still they choose to gamble anyway. But if you are in a country where gambling and online casinos are legal, that's the time you should choose wisely where to gamble and to make sure that they are trustworthy.

[muslol67]

An ordinary situation, especially in countries where there are too many prohibitions. As states ban the gambling activities, people are looking for more. And they can lose a lot of money in an uncontrolled casino. For this reason, I am always in favor of probation instead of prohibitions.

Especially if these places that are gambling with money are out of control, many problems like the above news can be encountered. I hope that the authorities can do the necessary prosecution in this regard and eliminate the suffering of the people whose money was stolen.

[avikz]

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them.

Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.

Sources:

https://calvinayre.com/2020/05/31/business/vietnam-biggest-ever-online-gambling-bust/

https://www.gamblingsites.com/online-casino/safe/ (Ignore those banners and links, but read those pointers)

The GDP of Vietnam is 255 billion USD is 2019. It's very surprising that an unregistered casino handles bet volume worth 1.18% of the country's GDP. I can't imagine how much money is held by the registered casinos there? Is gambling a social issue in Vietnam?

It's very very surprising. It's very much possible that the Vietnamese authorities are faking the numbers to the international media. However, what's wrong is wrong. But the normal gamblers will have their money seized for an infinite time!

[Mauser]

The GDP of Vietnam is 255 billion USD is 2019. It's very surprising that an unregistered casino handles bet volume worth 1.18% of the country's GDP. I can't imagine how much money is held by the registered casinos there? Is gambling a social issue in Vietnam?

It's very very surprising. It's very much possible that the Vietnamese authorities are faking the numbers to the international media. However, what's wrong is wrong. But the normal gamblers will have their money seized for an infinite time!

Yes very suprising such a small country running a huge underground casino on their phone app? But who knows if these numbers are correct or just inflated to get more puplicity.

And of course the money just seemed to disappear.

but the whereabouts of the cash generated by the ring – its wagers allegedly totaled $110m per month – went unsaid.

But wouldn't there huge number of negative reviews for the app when people are losing millions each months? Seems a bit fishy.

[btc_angela]

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

It's because gambling is illegal in Vietnam in the first place, that's why the operator continue despite the risk. And think that he can go and operate it, however, he was busted and all the money he had profited will not help him.

Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them.

This is one strategy that operators have been using on for years. Or maybe he is colluding with authorities and paying them as well that's why it remain undetected.