Hanoi authorities are going ahead with the construction of a racetrack which will offer sports betting at an estimated cost of USD500 million.
According to Vietnam Net, horse races are to begin in 2021, with officials saying the events will create 5,000 jobs at the race complex alone. Beyond that, it is also hoped the infrastructure surrounding the races will bring an extra 25,000 jobs to the city. The track will be constructed in Soc Sơn Province, just north of Noi Bai Airport.
Vietnam sees Hanoi as playing a central role in its goal of serving nearly 70 to 80 million domestic visitors this year. Last year, nearly 24 million people traveled to Hanoi, with the majority made up of domestic visitors.
Sports gambling was previously illegal in Vietnam, but in June this year, the National Assembly approved a law to legalize it. Previously, the illegal market was thought to be valued at about USD1.5 billion annually. The new law places a wager limit of VND1 million a day, and gamblers must be 21 years of age and hold an account with a bookmaking company.
Sports gambling is gaining popularity across Asia. Just last year, the Hong Kong Jockey club broke records by overturning nearly HKD216 billion in revenue.
[Photo via Racing Post]
