Vietnam bursts an illegal casino who used to handle bets worth $3 billions - page 12.

iv4n

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Quote from: crwth on June 01, 2020, 07:58:01 PM

That's an apparent mistake by the owner, just like what everybody else is saying in this topic. The moment he didn't legalize the casino, is the time where the owner lost already. He might have thought of the amount he can suffer due to the gambling operation taxes, but the owner never thought of the future and what he could do in the long run when he is already legal. It's a homegrown operation, but it did give a name for itself.

With $3 billions bets worth he made nice money! Now he will be arrested and sentenced few months in jail or house arrest, he will pay some official fines, he will bribe judge and police, and in 2-3 months he will open a new casino! It's how it goes!
I don't know about the laws in Vietnam, but they have some restrictions probably. Illegal casino can offer games you can't find in legal casino, you can have higher bets (without limits), which can be good for some gamblers who just get in and get out, without need to register or report their winnings and pay taxes for that!
People will always find a way to bend some rules! In the end rules exist to be broken Wink

crwth

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That's an apparent mistake by the owner, just like what everybody else is saying in this topic. The moment he didn't legalize the casino, is the time where the owner lost already. He might have thought of the amount he can suffer due to the gambling operation taxes, but the owner never thought of the future and what he could do in the long run when he is already legal. It's a homegrown operation, but it did give a name for itself.

Rengga Jati

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How could the government just be aware of the existence of illegal casinos with bets of that big amount of the volume? of course the casino should be famous and many people know about it. Unless the casino is indeed hidden and only known by a limited circle. However, are you sure if there is not a single member of the government that does not know about this? Or is there a certain conspiracy until it is revealed?

And it is unfortunate why such a large casino is not legal. Maybe this is related to taxes that must be paid or indeed privacy. I don't know, what is clear in my country is that the casino has not been legalized yet.

Harlot

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Quote from: travwill on June 01, 2020, 06:48:27 PM

I wonder how they managed to open this online casino. After all, it would be foolish to place the servers of your illegal casino in a place where the local police can find them.
No less interesting is what will actually happen with the confiscated funds. Tongue

This isn't a movie where the authorities are always under the radar and monitor every activity you do, maybe in the US that is but it will be different in a lot of countries. I know these people doesn't just hand of links of their gambling site easily to several people they also screen them before giving them links for their secured websites, its their one way of making things quiet even though their operations are online.

travwill

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I wonder how they managed to open this online casino. After all, it would be foolish to place the servers of your illegal casino in a place where the local police can find them.
No less interesting is what will actually happen with the confiscated funds. Tongue

bittraffic

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Quote from: MCobian on June 01, 2020, 11:39:42 AM

Vietnam is not the only country that has an illegal casino, because I am sure there are several other countries that have cases
concerning illegal casino. So cases like this have often happened in various countries, which makes me surprised not related to
illegal or legal. But a casino batch worth $ 3 billion, this is a huge amount for an illegal casino. Actually gamblers don't care
with the legality of the casino used, the most important is comfortable and reliable.

Asia has plenty of illegal casinos. If there are corrupt officials and police officers who will accept money from the casino owners, its obviously going to be fed by these rich casino businessmen. It would be okay for them to pay taxes when they become that big already like billions of dollars every day, they can buy just about anything with that amount and license wouldn't be an issue anymore.

MCobian

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Vietnam is not the only country that has an illegal casino, because I am sure there are several other countries that have cases
concerning illegal casino. So cases like this have often happened in various countries, which makes me surprised not related to
illegal or legal. But a casino batch worth $ 3 billion, this is a huge amount for an illegal casino. Actually gamblers don't care
with the legality of the casino used, the most important is comfortable and reliable.

swogerino

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I think it is great that the Vietnamese government to have busted the outlaws running such business.It is good as indicated several times here by many threads that before you join a casino you do your own search first and come here to see what other people are saying about that specific casino you want to join.This will save you from putting your money in scammy businesses.

batang_bitcoin

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Quote from: imstillthebest on June 01, 2020, 09:54:42 AM

3 billion usd worth vietnam money is only hundred thousand something , that was small for a casino / gambling but vietnam was not really a rich country i guess ? so maybe that amount was already huge on them .

"ONLY" hundred thousand? it's not only but look at the conversion.

That's a lot of money whether you're a Vietnamese or living somewhere on Earth. It's billions of dollars that has been in the figures and it's not a small for a casino, it's already a huge capital that they can start continually with their operations. And it doesn't matter if Vietnam is rich or not if it's just the figures.

Quote from: imstillthebest on June 01, 2020, 09:54:42 AM

owning a license does also means that you gotta pay tax ? i think owning a license means that your casino was verified to be legit but tax where a different story anymore . the casino was also online and what if they are using a crypto ?

You register, get a permit, becomes legit, pay tax. Whether they are accepting crypto or not, it's the license issue why they have been busted.

imstillthebest

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Quote from: leea-1334 on June 01, 2020, 08:44:06 AM

If that is in US dollars,,, it is a hell of a lot of money. But Vietnam also accepts USD easily and have a lot of American tourists, right? So maybe this is all about an underground tourist industry where tourists place big bets with big odds. License means they have to pay tax and if you have 3 billion, even 1 percent is 30 million savings. Makes sense.

3 billion usd worth vietnam money is only hundred thousand something , that was small for a casino / gambling but vietnam was not really a rich country i guess ? so maybe that amount was already huge on them .

owning a license does also means that you gotta pay tax ? i think owning a license means that your casino was verified to be legit but tax where a different story anymore . the casino was also online and what if they are using a crypto ?

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Quote from: avikz on June 01, 2020, 03:40:28 AM

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!

I think it is not surprising. Illegal activities are everywhere, it is that the culprit just chose Vietnam as their base.

Quote from: Sadlife on June 01, 2020, 09:02:32 AM

But they didn't think of a strategy that if they dont become a license gambling casino they would be eventually pay the price.
They must have thought that if they were to become legal they would have to pay 10-20% of taxes especially when some foreigners are gambling with Billions, it makes to not become legal.

They thought of that but I think they just don't want to part with x% of the profit through taxes and experience headaches because of regulations. Besides they can cater to illegal activities such as rigged platform since no one will check if their programs/gambling machines is cheating.

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But they didn't think of a strategy that if they dont become a license gambling casino they would be eventually pay the price.
They must have thought that if they were to become legal they would have to pay 10-20% of taxes especially when some foreigners are gambling with Billions, it makes to not become legal.

leea-1334

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If that is in US dollars,,, it is a hell of a lot of money. But Vietnam also accepts USD easily and have a lot of American tourists, right? So maybe this is all about an underground tourist industry where tourists place big bets with big odds. License means they have to pay tax and if you have 3 billion, even 1 percent is 30 million savings. Makes sense.

btc_angela

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Quote from: Juggy777 on May 31, 2020, 01:04:27 PM

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.

Quote from: Juggy777 on May 31, 2020, 01:04:27 PM

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.

Mauser

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Quote from: avikz on June 01, 2020, 03:40:28 AM

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.

Quote

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.

avikz

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Quote from: Juggy777 on May 31, 2020, 01:04:27 PM

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!

muslol67

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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.

plvbob0070

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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?

Quote

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.

passwordnow

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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.

onrise

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When you have billions $ of bets then why would some on not get registered and higher the amount of betting increases more likely they should be getting it registered. This is really serious issue and need our awareness as so many people would have now lost the money and that too during this pandemic time.

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